October 31st represents the cut off point for those looking to submit to HM Revenue & Customs (HMRC) on time. Anyone who provides their 2011-12 tax return on or after November 1st will be penalised £100 irrespective of whether there is any tax to pay.
After three months of the return being late, additional daily penalties of £10 per day up to a maximum of £900 will be issued.
An additional penalty of five per cent of the tax due, or £300 - whichever is the greater - will be applied at six months, with a similar charge for 12 months as well.
Taxpayers can avoid a late-filing penalty by submitting their tax return online, where a deadline of January 31st is in place.
HMRC said: "As well as having an extra three months to file, if you file online your tax is calculated automatically and your tax return is processed faster, so any money you’re owed is repaid more quickly."
Posted by Thomas Fletcher