News: 22nd January 2013

Only nine days remain until taxpayers have to meet the deadline for 2011-12 self assessment tax return submissions, or face an immediate £100 penalty.

More than one million people were penalised for missing last year's deadline, making it all the more important that anyone who is yet to complete their details should do it as soon as possible.

Anyone who misses the January 31st cut-off point will be handed a £100 fine, while an additional £10 per day penalty will be issued up to a maximum of £900 when the return is three months late.

Furthermore, an additional five per cent charge of tax owed, or £300 (whichever is the greater), will be handed down if the tax return is six months late. A similar penalty will also be applied at 12 months.

With this in mind, anyone who is yet to submit their tax return must do so immediately.

Posted by Thomas Fletcher