It’s that time of year again, and we don’t mean Christmas. The paper tax return deadline has long passed, and the online deadline is looming (31 January). You can be forgiven for becoming caught up in the throes of planning for the festive season, but submitting your tax return late, can carry harsh penalties, even if by just one day.
If you miss the January 31st deadline to file your 2010-2011 return, HMRC will charge you £100. This applies even if you have no tax to pay or have paid the tax you owe. If your return is 3 months late, you will be charged £10 for each following day – up to a 90 day maximum of £900. This is in addition to the £100 fixed penalty. For penalties thereafter, visit http://www.hmrc.gov.uk/sa/deadlines-penalties.htm (hopefully these won’t apply to you).
Don’t get caught out by submitting two returns!
If you have missed the October paper deadline, you still have time to register to file an online return.
If you submitted your paper return late (after 31 October), you may incur a fine of £100. Submitting an online return as well does not cancel the penalty – beware!!
