IFA Promotion, the lobbying and promotional group for Independent Financial Advisers, has said that this year, the Government will receive about £412 million from taxpayers handing in late or inaccurate self-assessment forms.
Almost 875,000 people submitted late self-assessment forms last year, with most having to pay a £100 fine.
This year, the Government has said that they will impose a £60 per day fine. Some other people receive a further penalty of £3,000 for every year their records are not kept up to date.
The Government's £412 million revenue can be broken down as £296 million in fines for miscalculation on tax forms, £88 million in fines imposed for forms sent after the January 31st deadline, and £28 million in unpaid tax from previous years.
Our view
Get those forms in.