Individual taxpayers who are yet to submit their 2011/12 self-assessment tax return are reminded that they will be hit by increasing penalties from next month.
The online deadline for filing self-assessment returns for the 2011/12 tax year was 31 January. Individuals that missed this deadline will have already received an initial £100 late-filing penalty.
From 1 May, there will be an additional daily £10 penalty for each day the online return is late, up to a maximum of 90 days.
For paper returns, which were due by the 31 October deadline, daily penalties began on 1 February.
Further penalties of at least £300 – or five per cent of the tax due, whichever is the greater – will then be issued for returns that are six and 12 months late.
So if you have still to file your 2011/12 self assessment tax return then you need to take action as quickly as possible because in this instance time definitely means money!!!!!!
This article was compiled by Ashley Barrowclough, Partner at Balance Accountants.