New hefty self assessment penalties loom

AP

From today, penalty notices from HMRC will be landing on people's doorsteps - that is those who had to do a self assessment tax return and failed to do it on time (or didn't bother at all).

HM Revenue & Customs (HMRC) is clamping down on late and non-filing with a new penalty regime - threatening fines of up to £1,600. This is because up to £2 billion in tax could be at stake on these late tax returns, according to the Institute of Chartered Accountants in England and Wales.