Deadlines, deadlines
You may already know that HMRC have changed the penalties for late filing of tax returns and late payment of tax, but in case there’s anyone who hasn’t picked up on this yet, we’re going to keep repeating it. The new penalties are much more severe than they were – in particular, the penalty for late filing will apply even if there is no tax outstanding for the year. If the return is over 6 months late, the penalty will be at least £1,300. Surcharges of 5% of the tax will apply to a balancing payment due on 31 January 2012 that isn’t paid within 30 days – as well as the interest that always applies to late payment.
Remember that the first £100 late filing penalty will apply if you file a paper return for 2010/11 after 31 October. If you’ve always filed on paper in the past, and you might miss that deadline, maybe this is the year to switch to online filing. Then you’ll have until 31 January – although we wouldn’t recommend waiting until the very last moment, in case something goes wrong.
There are so many deadlines that HMRC have at least published a helpful document listing some of the main ones – they are trying to leave us all with no excuse for missing them. If you are not sure what you need to do by which date, we will be happy to help you.