The Inland Revenue is to start getting tough with self-assessment taxpayers who fail to submit their tax payments on time by issuing heavier fines, according to a report in the Financial Times last week.
It is thought that the Revenue intends to use the more severe penalties in addition to the £100 automatic fine in order to help the government claw back tax revenues, which are falling short of targets. This could mean taxpayers facing fines that will increase by up to £60 for each day their tax payment is overdue.
Around one million taxpayers regularly miss the January 1st deadline each year, leaving them open to the £100 automatic fine, the FT reports. It has been estimated that the Revenue has benefited to the tune of £1 billion from fines and interest payments since the self-assessment system was introduced seven years ago.
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