Still not done your 2010/11 Self Assessment tax return?
Penalties of £10 per day will be incurred for each day it still is not filed online, up to a maximum of £900 (90 days) from 1 May 2012.
Under the new penalty regime for late Self Assessment returns, if you file your 2010/11 tax return more than 3 months late, a further £10 penalty for each day it remains outstanding (up to a maximum of 90 days - up to £900!) will be charged on top of the initial £100 late-filing penalty that you will have already received.
Further penalties will be issued if the tax return is late by 6 months with the penalty being £300 or 5% of the tax due - whichever is the more!
If your tax return is filed late and you do not owe any tax, you will still be charged the late filing penalties.
To put this into perspective - if you filed your 2010/11 tax return 6 months late and there was no tax due, you would still have late filing penalties of £1,300 to pay!
If you have been sent a late-filing penalty but you don't think you need to be in Self Assessment, you should call HMRC on 0845 900 0444. If HMRC agree, they will cancel the return and any penalties associated with it.
If you need help completing your tax return, contact us on the details below and we will be happy to help.
C & GB Associates - Accountants
8-10 Millgate, Thirsk, North Yorkshire, YO7 1AA
Tel & Fax: 01845 525502