HMRC quadruples fine income with rule change

Self-assessors, both business and individual, are automatically fined £100 for filing their tax returns late, but until this year, their fine was waived if they were later found to owe no tax, the Daily Mail reports. However, the fine will now be levied regardless of the amount of tax owed. In 2009/10, the take from self-assessment fines was £20.8m, but in 2010/11, it is likely to hit £90. An HMRC spokesperson said the Revenue's aim is to encourage timely tax returns, not collect more in fines. Law firm McGrigors has claimed HMRC's attitudes are toughening. According to infor...