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HMRC flags daily penalties for late tax returns

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Taxpayers who have not filed their 2011/12 online tax return will incur a £10 daily penalty from 1 May, HMRC has warned, in addition to the initial £100 late filing penalty for missing the 31 January deadline. ‘Looking ahead, further penalties of at least £300 (or 5% of the tax due, if that is more) will be issued for returns that are six and 12 months late,’ HMRC added.