News: 25th January 2013

HM Revenue and Customs (HMRC) has reminded taxpayers that there are only a few days left before the 2011-12 self assessment tax return deadline passes.

Indeed, an immediate £100 penalty will be issued to anyone who misses the January 31st cut-off point, irrespective of whether they have any tax to pay.

Additional penalties will then be handed out depending on how late details are returned. After three months, additional £10 daily fines will be issued up to a maximum of £900.

After six months, an additional £300 or five per cent of tax due (whichever is the greater) will be added to charges, while a similar levy will be applied if the return is 12 months late.

Chas Roy-Chowdhury, Head of Taxation at ACCA, told the BBC earlier this month: "While self assessment is all about getting our tax returns completed accurately and filed on time, it is also about paying the tax."

Posted by Thomas Fletcher