New Late Filing Penalties

January 4th, 2012

HM Revenue and Customs has amended the late filing penalties for those people who fail to meet the Self Assessment deadline…

• A £100 penalty will be charged if the tax return is not submitted by 31 January even if there is no tax to pay or all of the tax due has been paid on time.

• After 3 months – an automatic daily penalty of £10 per day will be charged up to a 90 day maximum of £900. This is in addition to the fixed penalty above.

• After 6 months – a penalty of 5% of the tax due or £300, whichever is greater. This is in addition to the penalties above.

After 12 months – as above, although in serious cases the penalty could be 100% of the tax due. This is in addition to the penalties above.

There are no changes to the tax return deadlines, which are 31st October for paper returns and 31st January for online returns. The deadline for paying any tax due also remains at 31st January.

For further information or advice, contact a member of the Tax Team at your local Champion office.

Blackpool 01253 621 512
Chester 01244 404 420
Manchester 0161 703 2500
Preston 01772 735 000


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