So here we go again! You should now be receiving your notices to complete a self assessment return for the tax year to 5 April 2011.
You must ensure that this is completed by 31st January 2012 (31st Otober 2011 if completed on paper). This gives plenty of time to get it done; however, that doesn’t mean you should delay!
HMRC have amended their penalty regime, you will notice the penalty information sheet in with your tax return. The £100 penalty which previously only applied if there is any outstanding tax. Now there will be a fixed £100 penalty for a late return regardless of the amount of tax to pay. Penalties are then applied on an increasing scale.
There are also separate penalties for paying the tax late.
As well as the penalties interest will be applied! So as you can see this will be very costly.
Try and get your information over to your tax adviser as soon as possible. That way you can plan for any tax liabilities due in plenty of time.
If you have not been sent a tax return but feel you should be submitting one, then contact HMRC straight away or register online to do so.
For any questions or queries feel free to get in touch with PAH Accounting and take advantage of our free one hour consultation.