The deadline for your 2011 Tax Return is 31st January 2012 if submitted electronically. Paper based Returns had until the 31st October 2011. Failure to submit your Return by these dates will incur a £100 penalty.
Furthermore, daily penalties have been introduced this year. If you are unfortunate to have missed the deadline we are able to help bring your Tax Affairs up to date.
No longer will late penalties be waived in repayment claims and a Return filed 6 months late could result in a penalty of £1300!
The new penalties for filing Tax Returns late are as follows:
- 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.
The deadline for submitting paper Tax Returns is 31st October, while those filing online have until 31st January. Meanwhile, the penalties for paying income tax late are also being changed. An initial penalty of 5% of the unpaid tax will be charged after 30 days, with further penalties levied at six months and a year if it remains unpaid.
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.