Estimate By Law Firm Irwin Mitchell

National law firm and tax investigation specialists, Irwin Mitchell has calculated that the Government could raise £70,884,000 from penalties issued to those who did not meet the 31st October 2013 or 31st January 2014 deadlines to submit their tax returns for the last tax year.

According to HMRC figures, 10,740,000 tax returns were issued for the tax year ending 5th April 2013 and 93.4% of these were submitted on time. The remaining 708,840 not returned on time are liable for a £100 penalty each, which according to Irwin Mitchell should thus net the Revenue £70.884 million.

These figures include those who are covered by HMRC's last minute extension for certain categories of tax payers.

Commenting, Phil Berwick, Tax and Investigations Partner at Irwin Mitchell said: