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Tax Return Form Penalties - 6th October is almost upon us! 30 September 2005 People who have not yet submitted their 2004/05 income tax return have just six days left to do so or face a £50 penalty, the Treasury’s Income Tax Division warned today (Friday, September 30, 2005). Under new powers provided by the Income Tax Amendment Act 2004, the penalty will be imposed if return forms for the year ended 5th April 2005 are not received by the Income Tax Division by the deadline of next Thursday, October 6. This penalty does not apply in respect of companies. The new arrangements have provided three months longer – six months instead of three months – for submission of returns after the end of the tax year. The £50 penalty is designed as an incentive to encourage submission of forms on time, to help the income tax system work efficiently and accurately. An Income Tax Division spokesperson said there has been a prolonged publicity campaign about the penalties to heighten awareness of the new deadline and proactively encourage everyone to submit their returns. However there are a number of returns which still remain outstanding and the Division is concerned that these cases will be subject to the penalty. The Income Tax office will be open until 5.30pm from Monday 3rd October to Thursday 6th October inclusive to give people the opportunity to hand in their Income Tax return forms. 30th September 2005 More stories >>>
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