31 October Self Assessment deadline – Make sure you avoid the fines!

Robyn Hughes

There have been some changes to the £100 Penalty for missing self assessment deadlines. From this year the rule which reduced the tax return late filing penalty from £100 to nil provided that the individual had paid all their tax before 31 January has gone.

If the self assessment filing deadline is missed this year the taxpayer will immediately be liable for a £100 late filing penalty. The penalty will apply even if there is no liability or if any tax due is paid in full by 31 January 2012.

These new penalties will apply to all self assessment tax returns from 2010/11 onwards. The fixed £100 penalty for failing to file a tax return on or before the filing date will therefore apply to:

  • Paper returns received on or after 1 November 2011.
  • Online returns received on or after 1 February 2012.

Daily penalties of £10 per day will also take effect if the tax return is still outstanding three months after the filing date. So if a taxpayer files a paper return after 31 October 2011, they will be liable to a daily penalty on 1 February 2012, three months earlier than late online filers.

Extra care is now required if penalties are to be avoided, if you require further assistance with the above please give us a call on 0845 365 1000 and we would be happy to review your circumstances or advise on any issues you may have. Alternatively email us on help@hsj.uk.com.

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