Daily penalties kick in for late 2011/12 tax returns

Self Assessment tax payers who have not yet filed last year’s tax return should get a move on as from tomorrow, 1 May 2013, further late filing penalties will apply.

Last years (2011/12) online returns should have been filed by 31 January 2013 and, if not yet filed, will have already incurred an automatic penalty of £100. From tomorrow the penalty goes up to £10 a day, for up to 90 days, that adds up to a potential £900 of additional penalties. These penalties apply even if no tax is due or if you are owed a refund.

No penalty will be due if the taxpayer can convince HMRC that they have a reasonable excuse for the lateness, however the reasons HMRC will accept are narrow.

Contact us on 0151 228 8977 if you woudl like our help to bring your tax afairs up to date.