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Reminder on new tax return penalties

Midgley Snelling chartered accountants surrey are warning that new tax penalties for self-assessment returns are due to come into affect next month.

The new penalties are for 2010/11 and will affect all future financial years.

Peter Bond from the firm said “New penalties for late filing of self-assessment tax returns include an initial £100 fixed penalty which will apply even if there is no tax to pay, or if the tax due for the year has already been paid on time.

“After three months, additional daily penalties will total £10 a day, up to a maximum of £900.

“A further penalty of five per cent or a £300 charge, whichever is greater, will apply after six months”.

In serious cases, the penalty can be up to 100 per cent of the tax due after 12 months.

Those paying late will face a penalty of five per cent of the tax due at 30 days, six months and 12 months. Interest will also be charged on top of these fees.

Tax deadlines remain unchanged – 31 October for paper returns and 31 January for online returns.

A deadline of 31 January for paying any tax due also remains.

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