Late tax return could result in £1,300 penalty

Tax return penalties are set to rise from 6 April. Overdue tax returns will lead to larger fines. The penalty for filing a late tax return will rise from £100 to a potential maximum figure of £1,300, HM Revenue & Customs has revealed. The UK tax agency said the current penalty is failing to act a deterrent adding that the new fines system will apply from the next tax year - rather than chasing late payments it wants to spend more time “catching criminals and collecting tax”.