September 2011 - New Penalties for late filing of Tax Returns

There are new penalties being introduced this year for late filing of your self-assessment tax return for 2010/11. The deadline for filing remains the same - 31 January 2012.

If you miss the deadline, the penalty will be calculated as follows:

• 1 day late - a fixed penalty of £100 - this applies whether you have no tax to pay or have paid the tax you owe
• 3 months late - £10 for each following day, up to a 90-day maximum of £900 - this is in addition to the above fixed penalty
• 6 months late - £300 or 5% of the tax due, whichever is the higher and the fixed penalties above
• 12 months late - £300 or 5% of the tax due, whichever is the higher. In serious cases the penalty could be up to 100% of the tax due instead. These are as well as the penalties above.

You will not have to pay the penalty if you have a reasonable excuse. These are likely to be exceptional or unexpected events, beyond your control, that meant you were unable to submit your return on time.

To assist us please provide us with all of the information we need as soon as possible.