The deadline for your 2012 Tax Return is 31st January 2013 if submitted electronically. Had you opted to file a paper based return you could have submitted these up until 31st October 2012. Failure to submit your Return by these dates will incur a minimum £100 penalty.
Adding to this, daily penalties have been introduced since the 2011 tax year. If for whatever reason, you have missed the deadline, please get in contact with ourselves as soon as possible so that we can advise you the best way forward to bring your outstanding returns up to date.
Just to reiterate the fine regime is set out below.
Day one – Individuals will be charged an initial penalty of £100, even if they have no tax to pay or have already paid all the tax owed
Over three months late – Individuals will be charged an automatic daily penalty of £10 per day, up to a maximum of £900
Over six months late – Individuals will be charged further penalties, which are the greater of 5% of the tax due or £300
Over 12 months late – Individuals will be charged yet more penalties, which are the greater of 5% of the tax due or £300. In serious cases people face a higher penalty of up to 100% of the tax due.
If you require further assistance or need more information on these fines please get in contact with one our team by calling 020 8424 8464 or by filling out our contact form.