New penalties apply to 2010/11 tax returns:
Deadlines are 31st October 2011 for paper returns, and 31st January 2012 for online returns.
Late returns will incur the following penalties:
One day late – penalty of £100 (even if you have no tax to pay).
3 months late – daily penalty of £10, up to a maximum of £900.
6 months late – another £300 or 5% of the tax due if higher.
12 months late – another £300 or 5% of the tax due if higher. Serious cases could face a penalty of 100% of the tax due.
Penalties for paying late:
30 days late – 5% of the tax unpaid.
6 months late – further 5% of the tax unpaid.
12 months late – further 5% of the tax unpaid.
If you haven’t already had your 2010/11 tax return completed, we would urge you to bring your books in as soon as possible.
