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1m taxpayers due to be hit by new tax-geared penalties
30/06/2008 17:59:00
Around one million taxpayers who incur delays in filing their self-assessment tax returns could be charged added penalties on top of existing fees already enforced by Revenue and Customs, according to the latest research.
The study comes from Unbiased.co.uk, a not-for-profit organisation which promotes the advantages of independent financial advice to customers in the UK.
By current estimates, the financial backlash from the new plans may add to the £479 million people already expect to pay in unnecessary fines due to late submission of their tax forms, as well as miscalculations and surcharges on unpaid tax.
David Elms, chief executive of the group, said: "Tax wastage is one of the biggest areas where people can save money and sticking to the self-assessment tax return deadline is an easy way to ensure you are not gifting unnecessary money to the taxman."
The Chartered Institute of Taxation recently said people who are self-employed need to take a deeper interest in their tax affairs, because it is "your responsibility".
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