The self-assessment tax return deadline is approaching. The paper filing deadline is 31 October 2011, while online returns can be filed until 31 January 2012.
New penalties have been launched for 2010/11 tax returns, which make filing on time more important than ever before. The initial £100 fixed penalty for late returns will now apply even if there is no tax to pay. The penalty will also increase after three months with additional penalties of £10 a day, up to a maximum of £900. After six months, a further penalty of the greatest of 5 per cent of the tax due or £300 will be charged, meaning that you could be charged as much as £1,300 for being six months behind with your tax return.
Contact us if we are not instructed by you to complete your tax return.