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Tax Tip

HMRC: Penalty warning for Paper Tax Returns. 30/09/11

Only days for the 31st October deadline to get your Paper Tax Returns in, or face a penalty.

If you send in a paper tax return on or after 1 November, you will now be hit with a £100 penalty – even if there is no tax to pay or the tax due is paid on time – following the introduction of a new penalty regime this year. The longer you delay, the more you'll have to pay, as there are further late-filing penalties after three, six and twelve months.

So, you’ll need to act now if you want to send in a paper return and avoid a late-filing penalty. If you can’t send your paper return by 31 October, you can still avoid a penalty by sending your tax return online instead. However, if you do send a paper return after the 31 October deadline, you cannot avoid the initial £100 penalty by subsequently filing online.

If you send your tax return online, you get an extra three months to send it, as the deadline is 31 January. There are lots of other advantages too:

• Your tax is calculated automatically;
• You get an immediate online acknowledgement; and
• Your tax return is processed faster, so any money that you are owed is repaid more quickly.

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

“The new penalties for late Self Assessment returns are severe; there is an initial £100 fixed penalty, which will now apply even if there is no tax to pay. After 3 months, additional daily penalties of £10 per day, up to a maximum of £900 are levied, with further rises after 6 and 12 months. Delays in returns can be very costly.”


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

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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