HMRC unveil plans to triple the fine given to small business for late taxes

Fines for small businesses who fail to pay their taxes on time could be tripled under new plans.

The taxman has been accused of using small businesses and the self-employed as a “cash cow” after unveiling plans for a “draconian” new penalty regime.

HMRC has announced that millions of companies and individuals with an income of more than £10,000 will have to file quarterly tax returns online.

A ‘sliding scale’ would see the penalty charge increase to a maximum of 15 per cent. This would be the equivalent of a 200 per cent rise in the fine.

Full story can be found here, @ Telegraph