Your tax return is over 11 months late so you will be charged all of the following late filing penalties:
- £100 fixed penalty
- £900 penalty - this is £10 each day from 1st May to 29th July, when the maximum 90 day penalty is reached
- £300 or 5% of the tax due - whichever is the higher
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: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here 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 information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.