Tax payers advised to get forms in on time
The Inland Revenue is set to charge taxpayers £418 million for tax discrepancies this year, according to a recent study.
Research from IFA Promotion claims that fines for late returns, errors, and unpaid tax will amount to £6 million more than last year.
The company predicts that miscalculations on tax forms will be the taxman's greatest source of income this tax year, at £308 million.
David Elms, chief executive at IFA Promotion, said: 'The taxman acts tough on tardy returns and unpaid tax, so if you've received self-assessment forms from the Revenue and haven’t done anything about it, act now!'
For those in a quandary, Mr Elms recommends independent financial advice should be sought as quickly as possible.
Failure to get self-assessment forms in by January 31st will result in an automatic £100 fine, with £60 added to that amount daily. | 
