Late filing of self-assessment tax returns by Criterion Accounting
9th May 2012
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Taxpayers who have not yet filed their self-assessment returns online for the tax year ending 5 April 2011 face a daily penalty of £10 up to a maximum of £900 i.e. for three months from 1 May 2012. If the return still remains outstanding further higher penalties will be charged from six months and twelve months late.

These penalties are in addition to the £100 automatic late penalty which has already been sent to taxpayers who missed the 31 January 2012 deadline.

HMRC had previously announced that they would treat all online tax returns received up to midnight on 2 February 2012 as if they had been received on 31 January 2012. The extension was granted because of possible last-minute disruption from a planned HMRC strike on 31 January.

The new penalty regime that applies to the late filing of 2010/11 self-assessment returns has the following elements:

From 1 day late: An automatic £100 late penalty for late submission of a tax return even if taxpayers had no tax to pay or had paid any tax due on time. 

From 3 months late: taxpayers will be charged an automatic daily penalty of £10 per day up to a £900 maximum.

From 6 months late: taxpayers will be charged additional penalties which are the greater of 5% of tax due or £300.

Over 12 months late: there are additional penalties based on greater of 5% of tax due or £300. In serious cases this penalty may be increased up to 100% of tax due.

HMRC have already begun issuing daily penalties for paper returns which were submitted late. The paper returns were due on 31 October 2011 and the daily penalty regime began on 1 February 2012.

For more advice contact Criterion Accounting for more advice on 01656 871195 


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