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New penalty rules for late filing of self assessment tax returns
HM Revenue & Customs (HMRC) is reminding individuals and businesses about new Self Assessment penalties for late returns and late payments, which came into effect in autumn 2011. These changes will affect returns for 2010/11 and all future tax years.
The new penalties for late self assessment returns are:
New penalties for paying late are 5% of the tax unpaid at:
Interest will also be charged on top of these penalties.
The tax return deadlines remain unchanged – 31 October for paper and 31 January for online returns. The deadline for paying any tax due also remains the same at 31 January.
In view of the above changes to the penalty regime we would encourage all our clients to ensure that their returns are filed on time. If you need help with the current return then please contact us.