If you have not completed your 2011 self assessment tax return yet, the deadline is midnight on 31st January.
The tax returns must also be sent electronically as the 31st October deadline for paper tax returns has been and gone.
The new penalties for late self assessment returns are as follows:
Immediate £100 fixed penalty. This applies even if you have no tax to pay or have paid the tax you owe.
3 months late, £10 per day up to a maximum of 90 days (£900) as well as the fixed £100 penalty.
6 months late, £300 or 5% of the tax due, whichever is higher, including all the penalties above.
12 months late, another £300 or 5% of the tax due, whichever is higher, including all the penalties above. You may even be told to pay up to 100% of the tax due instead.
There will also be interest charges if you pay late:
30 days late,5% of the tax you owe at that date.
6 months late, 5% of the tax you owe at that date, plus this 5% above.
12 months late, 5% of the tax you owe at that date, plus the two 5% penalties above.
If a partnership tax return is late, each partner will have to pay the penalties shown above.
If you need help completing your tax return and getting it to HMRC on time, contact us via the details below.
C & GB Associates -
Tel & Fax: 01845 525502