| |Deadline for sending in your tax return:
Your online tax return must reach HMRC by midnight on 31 January
Deadline for paying your tax: You must pay any tax you owe by 31 January following the end of the tax year.
NEW Penalties if you miss the tax return deadline If you miss the deadline, the longer you delay, the more you'll have to pay. So it's important to send your tax return to HMRC as soon as you can. The table below shows the penalties you'll have to pay if your tax return is late. If a Partnership tax return is late, each partner will have to pay the penalties shown below. Length of delay Penalty you will have to pay 1 day late A penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe. 3 months late £10 for each following day - up to a 90 day maximum of £900. This is as well as the fixed penalty above. 6 months late £300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above. 12 months late £300 or 5% of the tax due, whichever is the higher.
In serious cases you may be asked to pay up to 100% of the tax due instead.
These are as well as the penalties above.
Example Mrs A's tax return is due on 31 January 2012 but HMRC don't receive it until 5 August 2012. It is over six months late so she will have to pay all
of the following:
- £100 fixed penalty
- £900 penalty - this is £10 each day from 1 May to 29 July, when the maximum 90 day penalty is reached.
- £300 or 5 per cent of the tax due - whichever is the higher
Last edited by hroch : 18-01-12 at 12:26 AM.
Reason: added link