Self Assessment Late Filing Penalties

Self Assessment Late Filing Penalties

Taxpayers need to be aware that there are brand-new fine guidelines where income tax obligation self assessment (SA) returns are filed late.

Additionally from this year, the ‘& lsquo; topping & rsquo; policy which decreased the tax return late filing charge from £& extra pound; 100 to nil if all the tax obligation had been paid by 31 January has gone. If you miss out on the SA declaring target date this year you will be immediately responsible for a £& extra pound; 100 late filing charge. The fine will apply even if there is no obligation or if any tax obligation due is paid completely by 31 January 2012. The brand-new charges will apply to all SA tax returns from 2010/11 onwards. The taken care of £& extra pound; 100 fine for failing to file a tax return on or before the declaring day will certainly as a result apply to:

  • Paper returns got on or after 1 November 2011.
  • Online returns received on or after 1 February 2012. Daily charges of £& pound; 10 each day will also work if the tax return is still superior 3 months after the initial due declaring date.

    There is no change to the policy that fines will not be due where there is a sensible justification for filing late.

If the return is still exceptional after 6 months, a tax geared charge of the greater of £& pound; 300 or 5% of the liability which would certainly have been revealed on the return is chargeable.

A more fine of the very same amount is likewise due if the return is still exceptional 1 year after the original due day.

The above write-up is for support only and also is not planned to be a detailed statement of the relevant truths and also law. Readers are suggested to look for specialist advice before acting on any of the details offered in this post.

And also you can always ask John Nixon for more suggestions!

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