HMRC sends out 850,000 penalty notices

It has been a particularity busy month at HM Revenue and Customs (HMRC) as the deadline for self-assessment returns passed and the business of processing tax returns and issuing 850,000 fines began. A record 9.61 million people submitted their tax return on time this year, but 850,000 were not so prompt. Each fine from HMRC is for £100 and this should generate a staggering £85 million to boost the HMRC coffers. In a separate bid to generate more tax, HMRC has changed tactics and named nine individuals and businesses who owe more than £25,000 in unpaid tax. February 22, 2013