BS: New UK tax return late filing penalties!

Subject: BS: New UK tax return late filing penalties!
From: Bonzo3legs
Date: 26 Sep 11 - 07:14 AM

Make sure you don't get caught out by changes that HMRC has made to
penalties for late tax returns. As usual, there are fines for tardy
returns – for the financial year to 5 April 2011, paper returns should be filed by 31 October this year, and online returns by 31 January 2012.

However, in previous years there has been no penalty to pay on a late
return if no tax was outstanding or if any tax payable had been paid in full. That is has now changed. The new penalties are shown below:

1 day late: £100 – even if you have no tax to pay or have paid the tax you owe.

3 months late: £10 a day to a maximum of £900 – as well as the
fixed penalty above.

6 months late: £300 or 5% of the tax due, whichever is the higher –
as well as the penalties above.

12 months late: £300 or 5% of the tax due, whichever is the higher –
as well as the penalties above. In serious cases it may be up to 100%
of the tax due.

You have been warned!!

Subject: RE: BS: New UK tax return late filing penalties!
From: mouldy
Date: 26 Sep 11 - 07:33 AM

Yes, I have had to give my tax guy a kick to get things moving, as he still hasn't done my last one, and he's already got the paperwork in for the next one!

Andrea

Subject: RE: BS: New UK tax return late filing penalties!
From: McGrath of Harlow
Date: 26 Sep 11 - 11:34 AM

Of course "only poor people pay taxes"...

Subject: RE: BS: New UK tax return late filing penalties!
From: Bonzo3legs
Date: 26 Sep 11 - 11:47 AM

Of course "only poor people pay taxes"...

Let's see, I'm currently looking at a client who's P60 shows tax paid of just under £140,000!!!!!

Subject: RE: BS: New UK tax return late filing penalties!
From: GUEST,Eliza
Date: 26 Sep 11 - 03:38 PM

You made me a little bit panicky Bonzo, so I rang the Taxman this afternoon. After a menu that went on forever, the gentleman told me that as my husband's self-assessment had been received in June this year, we wouldn't need to submit the next one until Jan 2013!! (We'd be reminded next April (2012) to get it in by Jan the following year. So, no rush thank goodness, and no danger of penalty fines!

Subject: RE: BS: New UK tax return late filing penalties!
From: Bonzo3legs
Date: 26 Sep 11 - 03:43 PM

Note that the penalties relate to tax returns for the financial (tax) year to 5 April 2011, not to 5 April 2010 which were due by 31/01/11.

Subject: RE: BS: New UK tax return late filing penalties!
From: VirginiaTam
Date: 26 Sep 11 - 03:46 PM

As we are both public employees our taxes are paid through PAYE.

Subject: RE: BS: New UK tax return late filing penalties!
From: mouldy
Date: 26 Sep 11 - 05:14 PM

So are mine! But because I now receive money from various private pensions,(courtesy of late husband), I have had to start doing them...or my tax advisor has.

Subject: RE: BS: New UK tax return late filing penalties!
From: Bonzo3legs
Date: 27 Sep 11 - 09:55 AM

"But because I now receive money from various private pensions,(courtesy of late husband), I have had to start doing them...or my tax advisor has."

I hope you took your tax free lump sum from your pension fund!

Subject: RE: BS: New UK tax return late filing penalties!
From: Roger the Skiffler
Date: 27 Sep 11 - 10:01 AM

..would that HMRC were as speedy when THEY owe you money or when YOU are waiting for a reply! 6 months after I got probate on my late father's estate they decided he'd been paid too much Pensioner Tax Credit and asked for it back (they'd paid him £3 a week too much for some months!).

RtS