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Revenue issues May Day tax alert

Taxpayers who have not yet filed their 2011/12 self assessment tax return are being urged to do so before 1 May, when additional penalties for late filing will apply.

From this date, HM Revenue & Customs (HMRC) will charge a £10 daily penalty for late online returns, up to a maximum of 90 days.

The charge is in addition to the initial late filing penalty of £100, which applies automatically even where there is no tax due, or where the tax due is paid on time.

Further penalties of at least £300, or 5% of the tax due if this is greater, will apply for tax returns that are 6 and 12 months late.

Penalties also apply to the late payment of tax, amounting to 5% of the unpaid tax, and payable at 30 days, 6 months and 12 months.

We can help with all of your tax planning needs, including filing your tax return on your behalf. Please contact us for further assistance.