Did you miss the Self Assessment filing deadline?

Around 850,000 people apparently missed the 31 January 2012 Self-Assessment filing deadline. If you are one of them you’ll have received a £100 penalty even if you don’t owe the taxman any money. You have 30 days to appeal if you think you have an acceptable excuse.

In previous years the next penalty wouldn’t be until 31 July when a further £100 penalty would be levied. The regime is much more penal now.

If you are late by three months (i.e. from 30 April) there is a penalty of £10 for each day after that. This continues for the next 90 days, so by the end of July you’ll owe another £900 in fines. And if you still haven’t sent in your Return by 31 July you’ll have to pay another £300 or 5% of any tax you owe for 2010/11, whichever is the greater.

If you are holding off submitting your Tax Return because you don’t have all the information, you should not delay further. The Self Assessment system allows you to include estimated figures and confirm or amend them later. You just need to note on the form which figures are affected. So act now, or pay the Penalty!

If you would like any advice on Self Assessment or any other matters please click here to contact us or call DBA Chartered Accountants on 0113 244 9811.

Image credit: Google Images

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