I have only just completed my tax return for the 2010/11 tax year. As this return is late, what penalties and interest can I now expect?
Your tax return is over 11 months late so you will be charged all of the following late filing penalties:
Furthermore, if you have any outstanding tax for 2010/11, interest will be charged from the relevant due dates, to the date you settle your account.
Late payment penalties also apply if payment is delayed by 30 days.
I would strongly recommend that you file your tax return before 31st January, as further penalties arise when a tax return and/ or payment is over 12 months overdue.
If you would like any assistance with managing your tax affairs, your local TaxAssist Accountant would be happy to help you. Using an accountant, should ensure that your tax return is completed accurately and in a timely fashion, to avoid you wasting your hard-earned cash on penalties and interest. Your local TaxAssist Accountant will also look for tax savings, reliefs and allowances available to you, to ensure you pay just the tax you owe; and not a penny more.
By Jo Nockels
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Call us today on 0800 0523 555 or complete our enquiry form and we will identify your nearest TaxAssist Accountant in order to book a FREE initial consultation