17-Oct-2011
We would like to remind our clients and readers of the new Self Assessment penalties for late tax returns and late tax payments, which come into effect this autumn. The changes will apply to Self Assessment returns for 2010/11 which must be submitted by 31 January 2012. As stated on the HMRC website:
The new penalties for late Self Assessment returns are:
an initial £100 fixed penalty, which will now apply even if there is no tax to pay, or if the tax due is paid on time
after 3 months, additional daily penalties of £10 per day, up to a maximum of £900
after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater; and
after 12 months, another 5% or £300 charge, whichever is greater. In serious cases, the penalty after 12 months can be up to 100% of the tax due.’
If you would like help or advice on your Self Assessment return please do contact us.