31st January Self Assessment Deadline

Your Self Assessment tax return for the year ending 5th April 2011 must be filed online with HM Revenue and Customs by midnight on 31st January.

If you miss the above deadline you will be subject to the new penalties introduced by HM Revenue and Customs.
In a nutshell, ‘the longer you delay, the more you pay’. Penalties apply even if you have no tax to pay or if you pay all the tax you owe on time.

A fixed penalty of £100 automatically applies if your tax return is just one day late. A further £10 penalty for each following day (up to a 90 day maximum of £900) will apply. After this the higher of a £300 penalty or 5 per cent of the tax due is applied if your return in six months late and again if it is twelve months late.

Further interest and penalties also apply if you do not pay your tax liability by 31st January. For more information on all Self Assessment penalties that can apply please see our previous article ‘Changes to Self Assessment tax return penalties’ below.

Please see our previous article here: http://www.vincent.co.uk/articles/changes-to-self-assessment-tax-return-penalties.html

If you have any questions or concerns regarding your Self Assessment tax return please do not hesitate to get in touch.

Article by Gemma Bartlett

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