Tax Tips from...

We have 2 tips under the heading "The Tax Return".

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Penalties - The penalties for late submission of a self assessment tax return are:-

1. £100 if not filed by 31 October by paper or 31 January online or 3 months from date of issue whichever is later
2. Additional £100 if not filed 6 months after the filing date
3. H M Revenue & Customs can apply to impose further penalties of up to £60 per day, in certain cases.

The £100 fixed penalties cannot exceed the amount of tax that remains outstanding at the due date of the tax return. Additionally, no penalty applies if a repayment is due. This does not apply to the daily penalties.

Filing Dates - Where a tax return has been issued to you, you are required to complete the form and submit to H M Revenue & Customs before the filing deadline. The normal deadline is 31st October for paper returns or 31st January for those filed online, following the tax year end, but where tax returns are issued later than November, this is extended to 3 months from the date of issue.