If you don’t file your 2011/12 Tax Return with HMRC by 31 January 2013 you will automatically receive a £100 late filing penalty. Since the 2010/11 tax year, any late filing penalties charged are no longer restricted to the income tax unpaid at 31 January. This means that if your Tax Return is late you will be required to pay the £100 late filing penalty regardless of your tax position for the year.
In addition to penalties for late filing, any tax due for payment at 31 January 2013, and remaining unpaid at 28 February, will be subject to a 5% surcharge. The only occasion where this can be avoided is where HMRC have given prior consent to delayed payment under a formal time to pay arrangement.
If you have still to do your Tax Return and are in need of assistance we at John M Taylor & Co would be delighted to assist you in getting your Tax Return filed correctly and on time. Call us now on 0141 848 7474 to find out how we can assist.
Posted – 22/01/2013