News
Self Assessment Deadline Fast Approaching!
23 - 11 - 2011
Anyone who is self-employed, a company director or has multiple incomes should submit an annual income tax self assessment return to HMRC.
The paper return deadline of 31 October 2011 is now gone and all outstanding self assessments should be filed online by 31 January 2012.
Failure to file online on time will result in an initial £100 fine for filing.
An additional fine of £10 per day, up to a maximum of £900, will be applied once the return is 3 months overdue.
Six months overdue will incur a further fine of £300 or 5% of the tax due, whichever is higher.
Returns filed over 12 months late will incur an additional fine the higher of £300 or 5% of the tax due. Some "serious" cases may be fined 100% of the tax instead.
Fines will no longer be cancelled if the taxpayer files late but owes no money to HMRC.
Missed the Paper Income Tax Self Assessment deadline of 31 October 2011? Need help completing and filing online before 31 January 2012? Call Foremans LLP for further advice on 01244 625 500.
