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Warning on late DIY tax

24th April 1997, Page 9
24th April 1997
Page 9
Page 9, 24th April 1997 — Warning on late DIY tax
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Which of the following most accurately describes the problem?

by Sally Nash • The Inland Revenue is predicting that up to 15% of hauliers could be contributing to the the Chancellor's coffers next year for failing to meet the deadline for income tax self-assessment.

The self-assessment forms, which should be landing on doormats this month, have strict deadlines and cash penalties for late payment.

Recipients must return the forms by the end of September if they want the Revenue to work out their tax position.

Hauliers who prefer to make their own calculations must submit their forms by the end of January.

An automatic penalty of £100 will be levied for late payment, followed by another £100 fine if forms have not been returned six months later.

In a trial carried out in Leicester about 15% of forms were returned late. however, the Revenue describes this as "very much a worst-case scenario". A spokesman says: "With all the publicity, we do not expect the figure to be that high."

_I We have covered selfassessment in the Money Matters series (CM 9-16 January).

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People: Sally Nash
Locations: Leicester

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