850,000 Tax Return penalty notices are issued

HM revenue & Customs have today issued 850,000 tax return penalty notices to taxpayers because of late submission of 2010/11 Self Assessment Tax Returns.    

Individuals will be issued with a £100 penalty, as they have failed to submit their Self Assessment Tax Return before the deadline of 2nd February 2012.  Changes to the penalty system this year mean that  in addition to the £100 penalty any Return that is more than three months late will have a further £10 fine added for each day it remains outstanding.  

For full details of the new HMRC penalties see http://www.hmrc.gov.uk/sa/deadlines-penalties.htm

HMRC is now appealing for all outstanding Self Assessment Tax Returns to be submitted as soon as possible.

HMRC have said, if you receive a penalty notice, but believe you do not need to complete a Self Assessment Tax Return, then you need to contact them as soon as possible.  An appeals process is in place for those who believe they have been wrongfully fined.  

People need to act now to avoid further penalties.  Either they need to send in the Return, appeal if they feel they have a reasonable excuse, or contact HMRC if they think they shouldn't have been issued with a Self Assessment Return.

If you need assistance in completing your Self Assessment Tax Return contact us today.  

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