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Apr
06th

RISING PENALTIES By: Clare

H M Revenue and Customs are increasing the penalties for late filing of tax returns because they say the £100 penalty failed to act as a deterrent. The changes apply from 6 April 2011 for the 2010/11 tax returns.

The idea now is that the longer the delay the more you pay, and the late filing penalties are as follows:-

Length of delay & Penalty
One day : £100
Three months : £10 each day – up to a maximum of £900
Six months : £300 or 5% of the tax due, whichever is higher
Twelve months : £300 of 5% of the tax due, whichever is higher (rising to 100% for serious cases)

In addition to this there are late payment penalties (formerly called surcharges) which are 5% of the any tax still due 30 days after the payment deadline of 31 January, a further 5% for any tax still due after 6 months and another 5% for tax still due after 12 months.

And don’t forget the interest charges on all tax outstanding after the due date until the liability is paid.

It pays to complete your self assessment return on time and pay the tax by the due date. Please call Haxton Chartered Accountants West London for help with meeting these deadlines.

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