Late Filing Penalties for SA Tax Returns
Friday, October 21st, 2011
HMRC is currently reminding individuals and business about the new Self Assessment penalties for late returns and payments, which come into effect this Autumn. These changes will affect 2010-2011 tax returns and all future years.
The new Penalties for late SA Tax Returns are:
* An initial £100 fixed penalty, which will now apply even if there is no tax to pay, or if the tax due is paid on time.
* After 3 months, additional daily penalties of £10 per day, up to a maximum of £900.
* After 6 months, a further penalty of 5% of the tax due, or £300, whichever is greater.
* After 12 months, another 5% or £300 charge, whichever is greater. In serious cases, the penalty after 12 months can be up to 100% of the tax due.
New Penalties for paying late are 5% of the tax unpaid at:
- 30 days,
- 6 months, and
- 12 months.
Interest will also be charged in addition to these penalties.
If you are worried about your SA Tax Return submission, or anything else to do with your tax due, please don’t hesitate to contact us here at Accounting Solutions.