If you have not yet sent in your 2011/2012 tax return online, be warned: you will be hit with more penalties from next month if you still haven't filed.
From 1 May, HM Revenue & Customs (HMRC) will charge a £10 daily penalty for each day your online return is late, up to a maximum of 90 days. This is in addition to the initial £100 late-filing penalty for missing the 31 January filing deadline.
For paper returns, daily penalties started on 1 February, as they were due by the earlier deadline of 31 October. It is advisable not to send a paper return now, as it will trigger an amount equal to, or close to, the maximum daily penalty charge of £900.
Looking ahead, further penalties of at least £300 (or 5% of the tax due, if that is more) will be issued for returns that are six and 12 months late.
Anyone who has received a late-filing penalty, hasn’t yet sent a return, or thinks they don’t need to be in Self Assessment, should call HMRC on 0845 900 0444. If HMRC agrees, the return and any penalty will be cancelled.
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