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When it comes to your own personal tax return, do you leave it to the last minute and then miss (or almost miss) the deadline? If you do, you are not alone, but with the introduction of a new £100 fixed penalty it is more important than ever that you start thinking about your return early.
In previous years, as long as you didn’t owe any tax by the 31 January deadline the penalty would not be charged. But from now on the £100 penalty will apply even if your tax is paid in full by 31 January deadline.
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 be charged if the tax return is still outstanding three months after the filing date.
Other benefits of filing early
- Your tax position can be calculated accurately and if it is found that you have made excessive payments on account on 31 January 2011 and 31 July 2011 you can be repaid.
- Any repayment can be claimed sooner.
- And if you’re a Hazlewoods client and you provide all your information to us by 31 October 2011 you will be in with a chance of winning an iPad 2 and smart cover.
Need help?
If you need help with your tax return or want advice about ways you can save tax contact Nicholas Smail on 01452 634800 or email him at nicholas.smail@hazlewoods.co.uk.
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