Wednesday 12 February 2014

Fines For 710,000


According to HMRC (via the BBC) there are an estimated 710,000 tax returns outstanding, last year the figure was 730,000.

Given that the £100 penalty system is automated, the tardy 710,000 can expect fines to be landing on their doormats in due course. However, those who offer a reasonable excuse for failing to file on time (eg flooding) may see the penalty waived or refunded.

Three months after the deadline additional daily penalties of £10 a day apply, up to a maximum of £900 if no forms have been returned. After six months, there is a further penalty of 5% of the tax due or £300, whichever is greater. After 12 months, there is an additional 5% or £300 charge.

Therefore if you filed late, but have a reasonable excuse, make sure you contact HMRC as soon as possible.

Tax does have to be taxing.

Professional Cover Against the Threat of Costly TAX and VAT Investigations

Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.

Ken Frost has negotiated a 10% discount on any polices that may suit your needs.

However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.

What is Solar Tax Investigation Insurance?

Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.

To find out more, please use this link Solar Tax Investigation Insurance



HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"

No comments:

Post a Comment