_The Self Assessment deadline is fast approaching for for the tax year ending 5th April 2012 and you need to make sure that you meet the following deadlines or you will receive a penalty from HMRC. Deadline for Paper Returns All paper returns must be received by HMRC by midnight on 31 October 2012. The only exception to this is if HMRC have written to you after 31 July 2012 asking you to make a self assessment return. Then you have three months after the date on your letter to submit the return. All self assessment notifications are usually sent out by HMRC during April. Deadline for Online Returns All online returns must reach HMRC by midnight on 31 January 2012. Again you will only have an extension on this date if HMRC write to you requesting a self assessment return after 31 October and you will have three months from the date on the letter to submit the return. If you want HMRC to collect any tax due through your tax code then you must submit your return before 30 December 2012. This is only an option if the tax owed is less than £3,000 Penalties Length of delay Penalty you will have to pay 1 day late A penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe. 3 months late £10 for each following day - up to a 90 day maximum of £900. This is as well as the fixed penalty above. 6 months late £300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above. 12 months late £300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. These are as well as the penalties above.
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_ A scheme which encouraged higher rate taxpayers to sort out their accounting at a reduced cost is set to end early next month. HM Revenue & Customs (HMRC) sent out more than 7,000 letters offering people who are yet to file their accounts or pay tax for 2009-10 the option of lower costs if they sorted out their affairs ASAP. They have until October 2 to respond, after which fines and charges will revert back to their normal levels. The tax authority has not confirmed what those who do come forward before the deadline will be charged but it has said that it will be significantly lower than the costs taxpayers will be hit by if HMRC has to track to them down. Marian Wilson, head of HMRC campaigns, said: “This campaign offers you a quick and straightforward way to bring your tax affairs up to date, but time is running out - you have until 2 October to submit your tax returns and pay the tax you owe.” If you need help with getting your tax affairs up to date or need an accountant in Brighton get in touch with us to see if we can help |
AuthorLicenced Accountant in Brighton Archives
May 2020
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