HMRC issued a further reminder last week that penalties for late filing of self assessment tax returns are changing.
HMRC issued a further reminder last week that penalties for late filing of self assessment tax returns are changing.
‘If you send in a paper tax return on or after 1 November, you will now be hit with a £100 penalty – even if there is no tax to pay or the tax due is paid on time,’ HMRC said.
‘So, you’ll need to act now if you want to send in a paper return and avoid a late-filing penalty,’ HMRC added.
‘If you can’t send your paper return by 31 October, you can still avoid a penalty by sending your tax return online instead. However, if you do send a paper return after the 31 October deadline, you cannot avoid the initial £100 penalty by subsequently filing online.’
The CIOT’s Low Incomes Tax Reform Group has published detailed guidance, including an overview of 2010/11 deadlines and penalties for paper and online returns respectively.
HMRC issued just over 10m self assessment returns or notices to file for 2010/11. About 6.9m taxpayers filed their 2009/10 return ‘online and on time’.
HMRC issued a further reminder last week that penalties for late filing of self assessment tax returns are changing.
HMRC issued a further reminder last week that penalties for late filing of self assessment tax returns are changing.
‘If you send in a paper tax return on or after 1 November, you will now be hit with a £100 penalty – even if there is no tax to pay or the tax due is paid on time,’ HMRC said.
‘So, you’ll need to act now if you want to send in a paper return and avoid a late-filing penalty,’ HMRC added.
‘If you can’t send your paper return by 31 October, you can still avoid a penalty by sending your tax return online instead. However, if you do send a paper return after the 31 October deadline, you cannot avoid the initial £100 penalty by subsequently filing online.’
The CIOT’s Low Incomes Tax Reform Group has published detailed guidance, including an overview of 2010/11 deadlines and penalties for paper and online returns respectively.
HMRC issued just over 10m self assessment returns or notices to file for 2010/11. About 6.9m taxpayers filed their 2009/10 return ‘online and on time’.
