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As a result, HM Revenue and Customs is set for a penalty windfall, as reports suggest that the tax man is sending out nearly one million penalties notices of £100 each to taxpayers who failed to file self-assessment on time.
At the moment HMRC estimates it has sent out 85,000 fixed fines, which should boost their coffers by around £85 million.
However, more fines could be round the corner as those who fail to pay the penalty and file returns by the three-month cut-off incur additional daily fines.
Around 60,000 late tax returns have already been lodged between in the first two weeks of February, but they are still late and those taxpayers will be charged the £100 penalty.
Taxpayers who fail to file returns after three months will receive a daily £10 fine up to a maximum of £900, along with the initial £100 fine. The penalty rises for those who delay filing beyond six months after the deadline.
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Susie Hughes © Shout99 2013
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