According to HMRC, there are still currently over half a million self assessment tax returns outstanding. Are you one of them? Unfortunately you would have obtained a recent notice from HMRC stating that you currently have fines totalling £1,200, not forgetting the £100 late fee for non submission after the 31st January 2012 deadline.
As some of you will know this fine regime will also continue into the 2012 tax year and you must ensure that you file your return before the 31st January 2013 deadline. If you do not file your 2012 return by this time next year, you too, can be subject to fines totalling £1,300.
According to HMRC the number of outstanding returns has halved in 2012 meaning that there were still 518,000 people being issued returns.
If you require additional information on the new fine system and if you are subject to a fine personally please call us on 020 8424 8464.
There are, of course, certain grounds for appeal. If you feel you would like to appeal your £1,200 fine please contact us as we can advise where necessary.
HMRC’s Director General for Personal Tax, Stephen Banyard recently quoted “We want the returns, not the penalties. But despite several reminders, nearly six per cent of people have not sent in their 2010/11 tax returns…”
If you are unsure on either of the above, please get in contact with one of our team today so that we are able to liaise with HMRC on your behalf.