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Tax Tip

Higher Penalties Levied for late Tax Returns. 13/05/2011

Personal self-assessment and Partnership tax returns for the tax year to 5 April 2011 must be submitted to HMRC by 31 January 2012 or by 31 October 2011 if it is submitted in paper form.

In previous years, if you submitted it later than those dates, you would receive a penalty of £100. However, if the amount of tax owed was less than £100.00, the maximum penalty charge was the amount of tax due. This is no longer the case and a fixed penalty of £100.00 would be levied regardless of the amount of tax due.

From this year as well as the initial £100 penalty, there are additional penalties!

If you are

• More than three months late submitting your return the penalty is charged on a daily basis at £10 per day, up to a maximum of £900.
• Over 6 months late with your tax return you will be hit with an additional penalty calculated as the higher of: £300 and 5% of the tax due.
• Over 12 months late, the same penalty is imposed again.

When a partnership tax return is submitted late those penalties apply to each partner in the partnership.

If you are also late in paying the correct amount of tax you will receive a penalty for paying the tax late. These penalties are calculated as 5% of the outstanding tax due at the following intervals: 30 days late, 6 months late, and 12 months late.

Stuart Coleman, Manager of the Tax Department of ABDS says:

“In view of these high penalties it is essential that we work with you to get your tax bill calculated, so you can make the correct payments due and get your return done on time.”


If you need any help and advice with yourTax compliance, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning and business advice.

ABDS of Southampton, for all of your Tax Planning, Compliance and Tax Returns.

Tel: 023 8083 6900  E-mail: abds.marketing@netaccountants.net

ABDS of Southampton For all of your Personal and Corporate Tax Planning.

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