SELF ASSESSMENT – LATE FILING PENALTIES

Late filing penalties are getting tougher.
From April 2011 if you do not file your Self Assessment Tax Return or pay your tax liability on time, the penalties you have to pay are changing. The more you delay, the greater the penalty.
Even if you have no tax to pay or if you have already paid the tax you owe, if your return is only one day late you will be charged an initial penalty of £100.00. If you fail to file your tax return more than three months late you will be charged an automatic daily penalty. For full details on the new penalties for filing a late return or for paying your tax late, please refer to the insert sent to you individually by HMRC with your Notice to complete a tax return for the period ended 5th April 2011.