News
850,000 Face £100 Penalty for Late Tax Returns
18 - 02 - 2013
850,000 taxpayers will receive letters informing them that they have been fined £100 for filing their Self Assessment tax returns late, HMRC has announced.
Anyone who missed the filing deadline – 31 January – will receive a penalty notice even if they have no tax to pay or if any tax due has been paid.
Anyone who has not filed their return and paid all tax due will be fined a further £10 a day after the end of April. After another three months, late filers will incur a further penalty of 5% of the tax due, with a minimum of £300. This penalty will be repeated after a further nine months.
Anyone who thinks they have a ‘reasonable’ excuse for not filing their return can appeal against HMRC’s decision. Examples of ‘reasonable’ excuses include a life threatening illness, the death of a partner and important documents lost through theft, fire or flood.
People who do not need to be in the Self Assessment scheme can opt out of it to avoid receiving fines by contacting HMRC.
A spokesman for HMRC said: ‘Anyone who hasn't yet sent their 2011/12 tax return to HMRC will have already incurred a £100 late filing penalty. To avoid any further penalties, they should send their return as soon as possible, as well as paying any outstanding tax due for the 2011/12 tax year.’
For further information on Self Assessment, click here.
If you have concerns about any aspect of the Self Assessment scheme or late filing penalties, please do not hesitate to contact us on 01244 625 500 for advice.
