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Deadline looming for the Self Assessment Tax Return

31 January 2012 marks the deadline for filing the 2011 Self Assessment Tax Return with HM Revenue & Customs (HMRC).

Those taxpayers failing to file their Return online by midnight on Tuesday 31 January will be subject to an automatic penalty of £100. This applies even if there is no tax to pay, or the tax is paid on time.

Tax Returns which are not filed after a further three months will be subject to daily penalties, and additional penalties will apply to Returns which are remain unfiled after six and 12 months, adding up to a potential penalty of £1,600 or more.

Penalties and interest charges also apply for the late payment of tax, and these will continue to be applied until HMRC receives payment.

We can help with all your tax planning needs, including filing your Tax Return – please contact us for further assistance.