John Endacott provides a review of recent developments, including the new higher late filing penalty, plus the Swiss deal and the LDF
Paying the penaltyThe fast approaching paper tax return filing deadline of 31 October has brought into focus the new higher late filing penalties.
For paper filing the £100 penalty now applies for returns filed after 1 November regardless of the tax due.
This is then followed by automatic daily penalties of £10 per day (maximum £900) from 1 February 2012 (three months later) and then further supplemented by 5% of the tax due (maximum £300) from 1 May 2012 (six months later) and the same again from 1 November 2012 (12 months later).
An identical regime...
