Late filing penalties start adding up

More penalties are on the way in May for taxpayers who have failed to submit their 2011-12 tax return online.

From 1 May, HM Revenue & Customs (HMRC) will charge a £10 daily penalty for each day an online return is late, up to a maximum of 90 days.

This daily penalty will come in addition to the initial £100 late filing penalty for missing the 31 January filing deadline.

Looking ahead, further penalties of at least £300 (or five per cent of the tax due, if that is more) will be issued for returns that are six and 12 months late.

Anyone who has received a late filing penalty and has not yet sent a return, but thinks they do not need to be in Self Assessment should call HMRC on 0845 900 0444. If HMRC agrees, the return and any penalty will be cancelled.

Milsted Langdon can assist in preparing your annual return to meet the HMRC deadline, ensuring that you claim all the appropriate reliefs and allowances to minimise your liability. For more information about our personal tax services, please contact us.

Link: Tax return deadlines and penalties

Posted in News.