News: 4th January 2013

There are now less than four weeks until the deadline for 2011-12 Self Assessment tax returns passes - and anyone yet to file theirs online is urged to act immediately.

HM Revenue and Customs (HMRC) has started an advertising campaign calling on people to "find inner peace" and submit their returns, along with payment for the tax they owe.

Anyone who needs to but hasn't by January 31st will be hit with an immediate £100 fixed penalty, regardless of whether there is any tax to pay.

After three months, an additional £10 is added every day up to a maximum of £900, while a six-month penalty of five per cent of tax due or £300 - whichever is the larger - will be applied.

For those who are 12 months late, another five per cent or £300 charge will be applied, whichever is greater, making it essential that those who are yet to submit their details do so as soon as possible.

Posted by Emily Smith