The Taxman received 368 million in penalties in 2011 from Self Assessment Tax Returns


Last year, taxpayers handed over £368 million in tax penalities to the Tax man due to late Returns, incorrectly completed forms and surcharges for late payment of tax from previous years.  

With the 31st January looming the deadline for self assessment tax return is fast approaching. 

 

Research shows that in 2011;

  • £116 million was paid in penalties for late submission of the Return.
  • £236 million in charges for miscalculations and incorrectly completed forms.
  • £16 million in surcharges for late payment of tax from previous years.

 

Taxpayers are warned this year that changes to the penalty system have been implemented. 

 

The new penalty regime means that failure to submit the Return to HM Revenue & Customs will incur an automatic penalty of £100.  If the Return is not filed within 3 months of the deadline, there is a further penalty of £10 per day, up to a maximum of 90 days, therefore to a maxiumum of £900. 

 

If the Return is not submited by 29th July 2012, their is a further penalty of £300 or 5% of the tax due, whichever is higher.   Failure to submit the Return by 31st January 2012 incurs a further £300 or 5% of the tax due, whichever is higher. 

 

Interest is also charged on the outstanding tax owed to HM Revenue & Customs starting on the 28th February.  Interest is charged at 5% of the tax you owe at that date.  A further penalty is applied at six months and a further one is applied at 12 months.

 

You are required to pay interest on anything you owe to HM Revenue & Customs and haven't paid, including unpaid penalties, until all payments have been received. 


  • Date posted:
    18/01/2012
  • Share:

View all articles

His thoughtful, friendly and professional approach is excellent

Gareth, Oakham

I have always found Andrew to be tax efficient and keen to reduce my tax liability

Mr D from Barrowden

I have found Andrew not only very personable, but the work he carried out for me was excellent, on time, and always gave a positive return

Nick, Oakham

© 2018 Arcus Taxation Accountants is the trading name of Arcus Associates Ltd. Registered in England & Wales Company No. 05065405.

privacy / cookies

website cms powered by csb internet

01572 770552