Self assessment deadline fast approaching
HMRC are reminding taxpayers that the deadline for filing self assessment tax returns is fast approaching.According to their website: ‘You must send your online tax return by midnight on Tuesday 31 January 2012. The deadline is only later than this if you received your tax return, or the letter telling you to complete a tax return, after 31 October 2011. In this case you'll have three months from the date you received that letter. If your online tax return is late, you'll have to pay a penalty. This applies even if you have no tax to pay or if you pay all the tax you owe on time.’ The following illustrates that missing the deadline and failing to submit the return online may result in significant penalties. ‘What happens if you miss the deadline? If you miss the 31 January deadline for online tax returns, you will have to pay a penalty. The penalty is £100. You'll still have to pay this even if - your return is just a day late - you have no tax to pay - you pay all the tax you owe before 31 January 2012. The longer you delay, the more you'll have to pay. If your tax return is three months late, you'll have to pay a penalty for each additional day it is late. If it's six months late, you'll have to pay a further penalty and another final penalty if it's 12 months late. Together these could add up to a penalty of £1,600 or more. Don’t send a paper tax return now - the deadline was 31 October 2011. You'll have to pay a £100 penalty straight away if you do and the daily penalties above will start even earlier. Send it online instead.’ If you require any help with your tax return please do get in touch.