Did you get your tax return in on time? If not, you may have given a helping hand to building up the Revenue’s £365m windfall, along with the other 82% of people still needing to submit returns.
£365m is the amount IFA Promotion (the promotional body for Indepedent Financial Advisers) believes will be charged by the Inland Revenue due to late and mis-calculated tax returns. A late return will mean an automatic £100 fine and then interest will be calculated on top.
Their research has also shown that since 1997 late and miscalculated returns have been on the increase, helping to add to the taxman’s coffers. Last year there were 4 million late returns.
Our view:
If you have not already, get it done today!