Taxpayers who have not yet filed their 2011/12 self assessment tax return are being urged to do so before 1 May as from this date, HMRC will charge a £10 daily penalty for late online returns, up to a maximum of 90 days (total £900). This is in addition to the initial late filing penalty of £100, which applies automatically even where there is no tax due, or where the tax due is paid on time. Further penalties of at least £300, or 5% of the tax due if this is greater, will apply for tax returns that are 6 and 12 months late – all of which could add up to a sizeable and very unwelcome bill.
Penalties do not just apply for late filing – they also apply to the late payment of tax, amounting to 5% of the unpaid tax, payable at 30 days, 6 months and 12 months after the due date of 31st Jan 2013.
If you haven’t yet filed your 2011/12 return, please contact the office on 02920 713 800 to see how we can help – in certain circumstances, we may be able to appeal penalties already incurred.