Tax Return Penalties
New Self Assessment penalties are now in place for this years tax returns which need to be filed in paper format by 31st October 2011 or electronically by 31st January 2012.
1 day late: Fixed penalty of £100. This applies even if you have no tax to pay.
3 months late: £10 for each following day – up to a 90 day maximum of £900. This is in addition to the £100 penalty.
6 months late: £300 or 5% of the tax due whichever is higher. This is in addition to the above penalties.
12 months late: £300 or 5% of the tax due whichever is higher. This is in addition to the above penalties. In serious cases the penalty can be 100% of the tax due.