19 Apr Big Penalties for 11/12 Tax Returns Still Yet to be Filed
Any taxpayers who have still yet to file their tax return for the tax year ended 5th April 2012 will be issued stiff penalties from the HMRC. All tax returns for the 11/12 tax year should have been filed by the 31st January 2013. Any taxpayers that missed that deadline will have already received a £100 penalty.
Anyone that still hasn’t sent in their 2011/12 tax return online could be hit with more penalties from next month, HMRC has warned.
From 1 May, HMRC says it will charge a £10 daily penalty for each day an online return is late, up to a maximum of 90 days. This is in addition to the initial £100 late-filing penalty for missing the 31 January filing deadline.
For paper returns, daily penalties started on 1 February, as they were due by the earlier deadline of 31 October. HMRC urges people not to send a paper return now, ‘as it will trigger an amount equal to, or close to, the maximum daily penalty charge of £900’.
And it warns that penalties of at least £300 (or 5% of the tax due, if it is more) will be issued for returns that are six and 12 months late.
Anyone who’s received a late-filing penalty and hasn’t yet sent a return, but thinks they don’t need to be in Self Assessment, should call HMRC on 0845 900 0444. If HMRC agrees, the return and any penalty will be cancelled.
Source: CCH Online 19th April 2013
If you’ve still yet to file your tax return for the tax year ended 5th April 2012, please contact us for urgent assistance via the contact us page.