Warning over tax form fines

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Businesses and individuals were today warned they risk heavy fines if they do not file their self-assessment tax forms by the end of the month.

Edinburgh-based chartered accountants Chiene and Tait said that, while the annual deadline for self-assessment is widely publicised, many may not realise that 2012 marks the first time HMRC has been given the power to issue fines to anyone who files their form late, regardless of whether they have outstanding tax to pay.