Severe Penalties for Late Submission of 2010/2011 Self Assessment Tax Returns

HMRC have increased the penalties that it charges for the self-assessment tax returns that are due to be filed for the 2010/2011 tax year.

Charges that will apply from 1 February 2012 relating to self-assessment tax returns for 2010/2011 are as follows:

Penalties for Late Submission of Tax Returns

One Day Late
You will be charged an initial £100 even if you have no tax to pay or you have already paid the tax that you owe.

Three Months Late
You will be charged an automatic daily penalty of £10 per day up to a maximum of £900.

Six Months Late
You will be charged further penalties which are the greater of 5% of the tax due or £300.

Twelve Months Late
You will be charged further penalties which are the greater of 5% of the tax due or £300.
In serious cases you face a higher penalty of up to 100% of the tax due.

Penalties for Late Payment of Tax

30 Days Late
You will be charged an initial 5% of any unpaid tax.

Six Months Late
You will be charged a further 5% of any unpaid tax.

Twelve Months Late
You will be charged a further 5% of any unpaid tax.

All of these penalties are in addition to the interest that HMRC will charge on outstanding tax and penalties.

This article was compiled by Deborah Bradley on behalf of the Balance Team.  If you have any comments please leave them below.

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