late tax return

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 £30... »