B
Bishop Fleming Accountant
- Original Poster
- #1
An automatic £100 penalty for late filing of the Tax Return has been with us since the introduction of Self Assessment.
Previously this penalty was limited to the amount of tax outstanding on the tax return, but for 2010/11 Returns onwards the £100 for late filing will apply regardless. Paper versions of this return are due for submission by 31 October 2011, or online by 31 January 2012.
If the delay exceeds 3 months, a daily penalty of £10 per day can be imposed. After 6 months delay, an additional £300 is charged, or 5% of the tax due if higher. And after 12 months, a further £300 is charged or a further 5% of tax due if higher (this percentage can be further increased where any delay is deliberate).
Please ensure your tax return information is provided in good time, to avoid any risk of late filing.
Previously this penalty was limited to the amount of tax outstanding on the tax return, but for 2010/11 Returns onwards the £100 for late filing will apply regardless. Paper versions of this return are due for submission by 31 October 2011, or online by 31 January 2012.
If the delay exceeds 3 months, a daily penalty of £10 per day can be imposed. After 6 months delay, an additional £300 is charged, or 5% of the tax due if higher. And after 12 months, a further £300 is charged or a further 5% of tax due if higher (this percentage can be further increased where any delay is deliberate).
Please ensure your tax return information is provided in good time, to avoid any risk of late filing.
