More than 650,000 self-assessment taxpayers yet to file 2011-12 returns
29th April 2013 | News
Over half-a-million UK taxpayers will be hit with daily fines from HM Revenue & Customs (HMRC) for failing to file their tax returns, according to new reports.
An estimated 650,000 – 850,000 self-assessment taxpayers are yet to file their annual tax returns for the 2011-12 financial year; incurring additional daily fines for late returns from May 1, on top of an automatic £100 penalty for missing the initial January 31 cut-off.
In addition to the £100 penalty, daily £10 fines will be issued up to a maximum of £900 – giving taxpayers three months to get their house in order before being hit by further penalties.
An HMRC spokesman said: "Anyone who hasn’t yet sent their 2011-12 tax return to HMRC will have already incurred a £100 late-filing penalty.
"Non-filers have to file to avoid further penalties or contact us to ask to be taken out of self-assessment, and provided they meet the criteria, we will take them out of SA and cull any penalties incurred."
Taxpayers who allow the filing delay to extend beyond six months will then be handed a further £300 fine or 5 per cent of the tax due – whichever is higher.
HMRC is then entitled to give those who fail to file their 2011-12 self-assessment tax returns within 12 months a tax demand up to 100 per cent of the tax due instead.
If you are yet to file your self-assessment tax return and are looking for guidance please read our guide to HMRC’s late filing penalties.
Don’t delay, however; as the HMRC penalty regime results in higher penalties the longer you postpone filing your return.