View more on these topics

Late self-assessment returns could incur fines

Mortgage intermediaries and IFAs could be hit by Inland Revenue fines for delayed self-assessment forms.

The warning comes from the Institute of Chartered Accountants in England and Wales, which warns taxpayers that delays could result in fines of up to £60 a day. These fines are in addition to the automatic £100 late-filing penalty for missing the January 31 deadline and can apply even in cases where no money is owed.

Ian Hayes, chairman of the Institute&#39s tax faculty, says: “Since the Inland Revenue brought in the Receivables Management Service last April things have tightened up considerably.

“The IR has set the service strict national performance standards that apply not only to tax collection, but also to ensuring paperwork is received on time. Until now the daily penalty system has hardly ever been enforced. It will now be applied far more rigorously in order to meet the targets set.”

There are believed to be over 70,000 outstanding returns for 1996/1997 alone, and receivables officers will tackle these as a priority. They will then turn their attention to late returns for 2001/2002.

Hayes adds: “Taxpayers must bring their paperwork up-to-date or face the very costly consequences – putting things off could mean fines that add up to thousands of pounds a month.”

Warning letters will be issued when the IR decides to formally action a case for daily penalties. Chartered accountants advise that these be treated very seriously. The letter gives the taxpayer 30 days to file their returns. Failure to do this may result in fines of up to £60 a day for each self-assessment that has not been returned.


Estate agents offered seller&#39s pack training courses

Estate agents preparing for the proposed introduction of seller&#39s packs are being offered training by SAVA Ltd, the Surveyors and Valuers Accreditation. SAVA has launched a new certificate for estate agents likely to use seller&#39s packs in anticipation of the introduction of new requirements for vendors of residential property. Officially titled Home Information Packs, the […]

Keeping it discreet

From Steve ScholesScottish Life Mortgages has 26 lenders on its panel who provide a vast range of products to meet customers needs both online and offline through its Mortgage Club and packaging facilities. SLM also offers virtual banking facilities such as general insurance and personal loans. We have developed direct download functionality with key lender […]

Virgin rebrands and launches flexible deal

VirginOne has rebranded as The One account and launched a flexible mortgage for sale exclusively through intermediaries, writes Harriet Williams. The Flexible Mortgage option offers a three month discount of 1.75%. This gives a 3.2% introductory rate on loans up to 85% LTV, reverting to a 4.95% variable rate, and a 3.7% rate on loans […]

Skipton Building Society offers new fixed deals

Skipton Building Society has launched two new fixed rate deals for homeowners reviewing their mortgages in 2003. Launched yesterday, the two-year fixed rate mortgage is fixed at 3.99% with a five-year fixed rate available at 4.99%. For a £100,000 mortgage this would mean fixed monthly interest repayments of £333 and £416 respectively. Both deals are […]

India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.


News and expert analysis straight to your inbox

Sign up