According to HMRC (via the BBC) there are an estimated 710,000 tax returns outstanding, last year the figure was 730,000.
Given that the £100 penalty system is automated, the tardy 710,000 can expect fines to be landing on their doormats in due course. However, those who offer a reasonable excuse for failing to file on time (eg flooding) may see the penalty waived or refunded.
Three months after the deadline additional daily penalties of £10 a day apply, up to a maximum of £900 if no forms have been returned. After six months, there is a further penalty of 5% of the tax due or £300, whichever is greater. After 12 months, there is an additional 5% or £300 charge.
Therefore if you filed late, but have a reasonable excuse, make sure you contact HMRC as soon as possible.
Tax does have to be taxing.
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