Contractors that still have not sent in their self assessment forms to HM Revenue and Customs (HMRC) will now see their penalties getting increased.
Since May 1st, HMRC has been charging people who have yet to file their self assessment an extra £10 for every day that it is late, and this will last for 90 days.
This is on top of the £100 penalty that they face for not getting their self assessment in on time in the first place. The deadline for self assessment returns was actually January 31st.
But not all companies that are being penalised by HMRC will need to pay. Those who are receiving fines when they are not supposed to should contact HMRC as soon as possible to get this cancelled.