More than 1 million people to face tax penalty
The number of taxpayers this year is very lower than the previous one. Where the total number of tax returns figured about 1.4 m last year 2011 and 1.6 m in 2011, at the same time, about 1 m people have filed their tax return this year 2012, that results in tax penalty. HMRC had announced the two days extension for tax returns for making it convenient for the people, yet about 1.1m people could not file the returns. The people would be asked to pay 100 pound as penalty unless they do have a logical reason. After 90 days, extra charges of 10 pound in a day start to accumulate and could finally figure to a limit of 1600 pound.
Self-assessed application forms have to be completed by the people with more difficult tax dealings or more than one resource of income, for example the self-employed or those with the higher earnings from saving accounts.
The present forms were for the tax year that finished in April, 2011 and on the whole a record 9.45 m application forms were applied well-timed. More than 1.5m taxpayers had applied on paper by end of 31st October, 2011 and about 7.6m people applied online in the same financial year, which is also a record.
The government sector union has gone through the industrial deed at the call centres and inquest offices to complain against the selection of private firms to operate call-handling assessment in two contact centres. For fast pay-day finance apply with loans.co.uk @ http://www.doortodoorsteploan.co.uk/loans.co.uk.html and get funds before your next salary.
On the other side, the Exchequer Secretary has expressed his happiness that the people have found on-line submission very convenient and so many people have opted to come via website. He said further that the HM Revenue and Customs have always been very clear that they wish tax returns not fined, so it is pleasing to know that about 90 per cent of total returns were made through online and timely.
The penalty for late submission and applying for the tax return could not in reality be applied if the amount of the penalty was bigger than the amount of tax unsettled. In result, some people, applying late, escaped penalty because they had fewer amount to pay off. HMRC has become ever more fed up with the constant late-taxpayers; therefore, it has amended its rules regarding the tax penalty which has been brought in effect for the first time this year 2012.
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Look Right is expert financial adviser. He writes articles on doorstep loans, www.paydaybox.co.uk, loans.co.uk @ http://www.doortodoorsteploan.co.uk/loans.co.uk.html and www.paydayuk.co.uk
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