Tax office pocketed a record £860million in fines last year as penalties for late payments shot up by a QUARTER
- The taxman pocketed a record £860million in late penalties last year
- Made 24 per cent more from those who were late paying or filing returns compared to last year
- Penalties are £100 for a late return and £10 extra a day after three months
Published: 20:58 EDT, 30 June 2019 | Updated: 02:03 EDT, 1 July 2019
The taxman pocketed a record £860million in late penalties last year.
HMRC raked in 24 per cent more from those who were late paying or filing returns in the year to May 2019 than during the previous 12 months.
The figures were revealed by accountant UHY Hacker Young, which said a sluggish economy meant many struggled to pay their taxes on time.
HMRC raked in 24 per cent more from those who were late paying or filing returns in the year to May 2019 than during the previous 12 months
Matt Kilcoyne of the Adam Smith Institute called the numbers ‘outrageous’ and said those who pay late were often ‘struggling to make ends meet’.
Penalties can be brutal, at £100 for a late tax return and £10 extra a day if it is more than three months overdue.
Taxpayers can be charged 5 per cent of their total tax bill if a payment is delayed by over six months.
Penalties can be brutal, at £100 for a late tax return and £10 extra a day if it is more than three months overdue
If HMRC decides that tax is being deliberately withheld, they can double the bill.
UHY said the surge in income from penalties was due in part to HMRC hitting people with the highest fines possible.
The £860million bill is up from £694million for 2017-18, and £667million the year before.
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