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03 Feb

Late Tax Returns

HMRC have released figures that show over 730,000 late tax returns from individual tax payers who did not

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file their 2011-12 tax returns on time. This will lead to an automatic £100 penalty which will increase after 3 months to a daily penalty of £10 up to a maximum

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of £900.

Things do not get any better after this as there are further penalties every three months so the final bill can be well over £1000 if you are more than 6 months late.

Whilst it may be difficult to remove the £100 penalty already imposed, we can help you stop this figure from increasing any further.

Either complete our online Instant quote tool which can be found by following the link below, or call us as soon as you are able on 01666 822256 and we will discuss your options with you

Some further number released by HMRC for those that are interested in these sort of things, there were a total of 9.81 million self assessment returns filed with HMRC, the vast majority of these were filed online. They were expecting a total of 10.34 million which is where the 730,000 late tax returns figure came from.

For your information the HMRC penalty table can be seen below, it does not make pretty reading for those who have late tax returns.

The penalties for late Self Assessment returns are:

– an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time;

– after three months, additional daily penalties of £10 per day, up to a maximum of £900;

– after six months, a further penalty of five per cent of the tax due or £300, whichever is greater; and

– after 12 months, another five

per cent or £300 charge, whichever is greater.

There are also additional penalties for paying late of five per cent of the tax unpaid at: 30 days; six months; and 12 months.

 

 

 

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