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HMRC send 850,000 fines

18.02.13

Sky News has reported that around 850,000 taxpayers are due to receive an automatic fine of £100 for failing to file their self-assessment tax return on time.

Contractors had until the 31st of January to file their tax returns for any self-employed income earned between 6th April 2011 and 5th April 2012.

The initial fine will increase by £10 every day if the return still hasn't been filed within three months. An estimated 60,000 tax payers have filed their returns in February, but these are still subject to the customary £100 fine for filing late.

HM Revenue & Customs (HMRC) should have processed and sent out the penalty letters by Wednesday 20th February and anybody due the fine is expected to receive theirs within seven days. HMRC should receive a total of around £85m worth of penalties.

If you have missed the deadline and are faced with filing late then try Taxback.com, who specialise in tax returns and rebates. When you come to submitting your 2012/13 tax return, remember that contractors using Consort can take advantage of a preferred rate for Taxback.com's tax return service - £110 (usual price £250). Click here to take advantage of the offer.

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