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HMRC takes record £860m in penalties

by Colin McNally in Articles

Last year, HMRC imposed a record £860m in penalties on individual taxpayers, up 24% from £694m in 2017/18, according to accounting group UHY Hacker Young. https://www.accountancyage.com/2019/07/02/hmrc-takes-record-860m-in-penalties/

An increasing number of people are struggling to make tax payments on time which has led to a steep increase in the value of penalties imposed by HMRC for late tax payments, according to the accounting firm

Some individuals missing tax payment and filing deadlines by 12 months are also being hit with further penalties of up to 100% of the amount of tax due if HMRC rules that their late payment or filing is deliberate. The use of these much higher penalties may have been a key factor behind this year’s total

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