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Deadline looms for paper tax returns

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17 October 2012 - HM Revenue & Customs

There are just days left to send your 2011/12 paper tax return to HM Revenue & Customs (HMRC), if you want to beat the 31 October deadline and avoid a penalty.

Paper tax returns received on or after 1 November will result in a £100 penalty – even if there is no tax to pay or the tax due is paid on time.

If you’re not able to submit a paper return by the end of the month, you can avoid a late-filing penalty by sending your return online by 31 January.

As well as having an extra three months to file, if you file online your tax is calculated automatically and your tax return is processed faster, so any money you’re owed is repaid more quickly. Registering for HMRC Online Services is simple – just go to www.hmrc.gov.uk/online

If you are sending a paper return close to the deadline, HMRC recommends you obtain proof of posting, as this provides evidence of your posting date in the event of any appeal against a late-filing penalty.

For general help and advice on completing a return, visit www.hmrc.gov.uk/sa or call the Self Assessment helpline on 0845 9000 444.

Notes

1. Around 10.6m Self Assessment returns/notices to complete a tax return have been sent out by HMRC for the 2011/12 tax year.

2. The penalties for late Self Assessment returns are:

- an initial £100 fixed penalty, which applies 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.

3. There are also additional penalties for paying late of 5% of the tax unpaid at: 30 days; 6 months; and 12 months.

4. Further information on penalties is available from the HMRC website at www.hmrc.gov.uk/sa/deadlines-penalties.htm


About the Author

© Crown Copyright 2012.

A licence is needed to reproduce this article and has been republished for educational / informational purposes only. Article reproduced by permission of HM Revenue & Customs.



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Article Published/Sorted/Amended on Scopulus 2012-10-19 09:07:15 in Tax Articles

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