23 April 2012

Revenue issues May Day alert for tax returns

HM Revenue & Customs (HMRC) is reminding taxpayers who have not yet filed their 2010/11 tax returns online that they must do so before 1 May, or face a series of daily penalties.

Individuals who have failed to file their self assessment tax return online by the end of April will be charged an additional £10 penalty for each day the return remains outstanding. This is in addition to the initial £100 penalty for late filing, which applies even if any tax due is paid on time.

Further penalties will apply for taxpayers who still have not filed their returns after 6 and 12 months.

The late payment of tax is also subject to new penalties, amounting to 5% of the outstanding amount at 30 days, 6 months and 12 months.

Stephen Banyard of HMRC urged taxpayers to files their returns online by 30 April, or to contact HMRC if they do not believe they need to complete a return, commenting, ‘We want the returns and not penalties’.

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