Still need to submit your 2011/12 tax return online? Be warned – you’ll be hit with larger penalties from May if you still haven’t filed!
With effect from 1 May 2013, HM Revenue and Customs (HMRC) will impose a £10 daily penalty for each day your online return is late, up to a maximum of 90 days.
These daily penalties will be imposed on top of the £100 late-filing penalty for missing the 31 January 2013 submission deadline.
For those who still file paper tax returns, daily penalties have been running since 1 February 2013, since they needed to be filed by 31 October 2012.
Therefore, if you are late with your paper return, it’s best not to send it in now, because this is likely to trigger the maximum daily penalty charge of £900. Instead, you should look to file online.
Those taxpayers who allow the filing delay to extend beyond 6 months, can be landed with a further penalty of £300 or 5% of the tax due, whichever is higher.
For tax returns outstanding after 12 months, HMRC is then entitled to levy an additional late filing penalty of another £300 or 5% of the tax due, whichever is higher.
Ultimately, the message is that if you have yet to file your 2011/12 tax return, then this needs to be moved to the top of your to-do list.
Need Professional Advice and Help?
Newshams Tax Specialists are tax experts in this area of law and can help you ensure you remain compliant with your tax obligations.
If you need professional advice and assistance here and would like to talk to one of our expert London Tax Lawyers, please contact Newshams Tax Solicitors in London on 020 7470 8820 or e-mail us at firstname.lastname@example.org or visit our website http://www.newshams.com