Late tax returns

HMRC to issue £100m in fines as late tax returns double

HMRC is set to impose over £100m in fines as more than 1.1m people missed the January 31 self assessment deadline, almost double the number from the previous year. The freeze on income tax bands until 2028 has resulted in tens of thousands of individuals needing to file self-assessment forms for the first time. Late filers will face an initial £100 fine, regardless of whether they owe tax or have paid it on time. The ICAEW has called for a review of HMRC's service performance after a decline in customer service levels and missed performance targets.