_ As most of you know, 31st January, 2012 is the 2010/11 online deadline for filing individuals’ and partnerships’ tax returns. The deadline for filing in paper form was 31 October 2011.
The difference in filing deadlines for paper and on-line submissions needs to be considered. As the examples below will show, if you are not one of our clients, it may be better to instruct us to file on-line for you and pay our fees out of the penalty you have saved. Under the new penalty regime that applies for the first time this year, if a return is filed late the following penalties will be charged:
Let me give you a few examples of the penalties payable. I am assuming that the taxpayer has no tax to pay: 2010/11 tax return filed on 1st March, 2012 – £100 penalty if filed online; £390 penalty if filed by paper. 2010/11 tax return filed on 1st May, 2012 – £110 penalty if filed online; £1,300 penalty if filed by paper. 2010/11 tax return filed on 1st August, 2012 – £1,300 penalty if filed online; £1,300 penalty if filed by paper. 2010/11 tax return filed on 1st November, 2012 – £1,300 penalty if filed online; £1,600 penalty if filed by paper. These examples show that, as a result of the £10 per day penalties, on-line filing penalties start to increase after 1st May, 2012. Anyone filing a paper return after 1st February will incur high late filing penalties.
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AuthorLicenced Accountant in Brighton Archives
May 2020
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