Penalties for late tax returns

The Taxman has said recently that he is getting tough on people who consistently submit their tax returns late.

He is even threatening penalties of up to £60 per day that the return is overdue.

However, he has to get permission from the tax courts before doing this and it usually only occurs if you have been late with three or more returns. And even if you are hit with these penalties don’t just accept them - its been known to be possible to negotiate these penalties down to as little as £10 per day.

Oh, and get an accountant on board so that you get your returns submitted on time in future!