Changes to HMRC’s penalty regime mean that taxpayers who submit their 2010/11 Tax Return late, face far heftier fines than ever before – regardless of whether they ultimately have a tax liability or indeed even if they are due a repayment.
HMRC are understandably keen to encourage tax payers to submit prompt returns, particularly in this climate of austerity, but taxpayers need to ensure they aren’t caught out by the new regime. The additional penalties mean that taxpayers need, more than ever, to make sure that their return is submitted on time and is accurate.
The new late filing and late payments penalties introduced apply in respect of 2010/11 Tax Returns – which must be filed by 31 January 2012. Because of these changes, late submission of a self-assessment return, even by one day, results in a fine of £100 – even if you do not owe any tax. A return submitted six months late will incur a fine of at least £1,300, even if no tax is due!
We are offering free 30 minute evening consultations for City professionals who want to ensure they are organised for the New Year. We will evaluate your affairs, answer any specific tax questions you may have and offer a guide as to how complex your return is likely to be and provide a quote for assisting you with the completion of your return.
To take advantage of one of our 30-minute consultations, email your name and telephone number to help@tap-london.com and one of our team will call you back to arrange an appointment. There are a limited number of slots, and these will be allocated on a first come, first served basis.