Taxpayers who have still to file their 2011/12 self assessment tax returns should ensure that they do so by 31 July, as additional penalties for late filing will apply from 1 August. Tax Returns for the 2011/12 tax year that are not filed by 31 July 2013 will attract a further penalty, the higher of £300 or 5% of the tax due for the year.
How much are the penalties so far?
Thus far, those affected are likely to have been hit with an initial late filing penalty of £100 at 31 January 2013 followed by daily penalties of £10 per day starting 1 May and running for 90 days up to a maximum of £900. This means that as at today’s date (10th July) penalties are likely to stand at £710, increasing by £10 per day until 29 July.
These penalties are payable irrespective of the actual tax liability arising for the year in question, even where there is no tax due or all tax was paid at the correct time.
What happens if my Tax Returns isn’t filed by 31 July?
Self assessment taxpayers who have not filed their 2011/12 Tax Return by 31 July will incur a further late filing penalty of the higher of £300 or 5% of the tax arising for the 2011/12 tax year. This penalty will be charged on 1 August to all relevant taxpayers. Should 2011/12 Tax Returns remain unfiled at 31 January 2014 then a further £300 penalty will be applied, bringing the total penalties to a minimum of £1,600.
What if I haven’t paid the tax either?
If there is a tax liability arising which has not yet been paid then there will also be a late payment surcharge of 5% of the tax outstanding, charged at 1 August. This is in addition to any 5% surcharge applied at 2 March 2013 and any surcharge that will be applied if the tax is still unpaid at 31 January 2014.
Need help to complete your Tax Return?
We would be happy to help you complete your Tax Return and our tax department would be delighted to hear from you. For assistance give us a call on 0141 848 7474 or email us at email@example.com.
Posted – 10/07/2013