BEWARE! Do not file your Tax Return late!

Sep 28, 2011

We are warning all taxpayers to make sure they file their Self Assessment Tax Returns before the deadlines, which begin from October 2011.  A new regime introduced by HMRC mean that penalties on all late returns could be up to £1,600 each, even if you have paid the tax you owe!

Previously taxpayers have become used to avoiding late filing penalties and the 5% surcharge by paying any tax due before the end of January.

The new regime states that:
• One day late: an initial £100 late filing fee
• After three months late: An automatic daily penalty of £10, up to a maximum of £900
• After six months late: An additional £300 OR 5% of the tax due, whichever is greater
• Twelve months late: A further £300 OR 5% of the tax due, whichever is greater

The deadline for submitting paper Tax Returns is 31 October 2011 and if you submit online you have until 31 January 2012. 

BE LATE AT YOUR OWN FINANCIAL PERIL!!



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