Taxman: Further Tax Penalties from May
Now that it’s just turned May, small-business owners that have yet to submit their online self-assessment tax returns should have already done so already (yesterday!) or they risk being fined daily, starting from today, HM Revenue & Customs (HMRC) has warned.
This means that those who are late to file their 2010/2011 tax return online from today will now be charged a further £10 penalty for each outstanding day, up to a maximum of 90 days.
The daily fine is in addition to the £100 late-filing penalty issued for failing to submit the return at the end of January.
Meanwhile, daily penalties for paper returns began on 1 February, HMRC advised, as paper returns were due by the earlier deadline of 31 October.
The tax body warned that further penalties of at least £300 (or 5% of the tax due, whichever is more) will be issued for returns that are 6 and 12 months late.
HMRC’s acting director general of personal tax Stephen Banyard said:
“We want the returns and not penalties. So, if you haven’t sent us your 2010/11 return, you need to do one of two things urgently — either send it online by 30 April, or call us if you think you shouldn’t have to complete one.”
If you’re worried about late tax returns then see the HMRC PDF “Do I need to complete my 2010-11 Self Assessment Tax Return?”