FitnessTaxReturns
09-19-2011, 07:18 PM
Hi
Thought I would drop you a reminder about the new interest and penalty rules that apply from 2010/11 onwards.
Up to 2009/10 inclusive, generally there was a flat £100 late filing penalty with another £100 after six months. Now, from 2010/11 the new penalties for late self assessment returns are:
• An initial £100 fixed penalty, which will now apply even if there is no tax to pay, or if the tax due is paid on time;
• After 3 months, additional daily penalties of £10 per day, up to a maximum of £900;
• After 6 months, a further penalty of 5% of the tax due or £300, whichever is greater; and
• After 12 months, another 5% or £300 charge, whichever is greater. In serious cases, the penalty after 12 months can be up to 100% of the tax due.
New penalties for paying late are 5% of the tax unpaid at:
• 30 days;
• 6 months; and
• 12 months.
Interest will also be charged on top of these penalties.
The 2011 tax return deadlines remain unchanged – 31 October 2011 for paper and 31 January 2012 for online returns. The deadline for paying any tax due also remains the same at 31 January.
So, if you or your accountant wishes to submit a paper Tax Return, you have just over a month (from the date of this posting) to get it in.
Please visit www.fitnesstaxreturns.co.uk for more info
Email:gt@fitnesstaxreturns.co.uk
Thought I would drop you a reminder about the new interest and penalty rules that apply from 2010/11 onwards.
Up to 2009/10 inclusive, generally there was a flat £100 late filing penalty with another £100 after six months. Now, from 2010/11 the new penalties for late self assessment returns are:
• An initial £100 fixed penalty, which will now apply even if there is no tax to pay, or if the tax due is paid on time;
• After 3 months, additional daily penalties of £10 per day, up to a maximum of £900;
• After 6 months, a further penalty of 5% of the tax due or £300, whichever is greater; and
• After 12 months, another 5% or £300 charge, whichever is greater. In serious cases, the penalty after 12 months can be up to 100% of the tax due.
New penalties for paying late are 5% of the tax unpaid at:
• 30 days;
• 6 months; and
• 12 months.
Interest will also be charged on top of these penalties.
The 2011 tax return deadlines remain unchanged – 31 October 2011 for paper and 31 January 2012 for online returns. The deadline for paying any tax due also remains the same at 31 January.
So, if you or your accountant wishes to submit a paper Tax Return, you have just over a month (from the date of this posting) to get it in.
Please visit www.fitnesstaxreturns.co.uk for more info
Email:gt@fitnesstaxreturns.co.uk