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HMRC plans 'penalty points' system for those who miss tax returns deadline


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The taxman has been accused of using small businesses and the self-employed as a “cash cow” after unveiling plans for a “draconian” new penalty regime. HMRC has announced that millions of companies and individuals with an income of more than £10,000 will have to file quarterly tax returns online.

 

Those that are late in supplying information about their tax affairs will face a new “penalty point system”, similar to that used for motorists.

 

Four offences will result in an automatic fine, which could be as much as £100. Every additional point will result in a further fine.

 

Under the plans the points will only be “reset to zero” after two years in which all information has been submitted on time.

 

The scheme will see those who repeatedly fail to file their tax returns on time face hundreds of pounds worth of fines.

 

At present those who miss their annual deadline face a single automatic penalty of £100.

 

HMRC is also proposing to treble fines for the late payment of tax. At present people are charged three fines worth 5 per cent of any outstanding income tax after 30 days, six months and a year.

 

A consultation document published by HMRC proposes that the penalties should be 4 per cent after 30 days, 10 per cent after six month and 15 per cent after a year.

http://www.telegraph.co.uk/news/2016/08/15/taxman-accused-of-using-small-businesses-as-a-cash-cow-after-unv/

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Perhaps HMRC should use the extra revenue to do the reverse, and offer a sliding-scale 'discount' to people who submit early, thus avoiding the end-of-year log jam.

 

Now there's a novel idea; getting some money back from the taxman!

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Do you get a refund when they fine you for not filing on time when you havent been asked to complete a SA return for a couple of years because they cant read their own correspondence and you have no need to? What about dissolved business who have never traded at an address yet get the same demand sent ?

A quarterly extra income of £100 isnt a lot but I will gladly accept it. What do you mean that it is a one way street and HMRC are never wrong even when they are wrong.

On another topic, if Eire doesnt want 11billion taxes can the UK have the 8 billion back we gifted them to prop up their banks when it all went wrong back in 2007?

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