Fancy handing £10 a day over to HMRC from 1 May? Thought not!
If you’ve not yet submitted your 2012 self assessment tax return, you’ll be charged a late filing penalty of £10 per day from 1 May 2013, up to a maximum of £900. This is on top of the £100 penalty already charged for missing the 31 January deadline.
If you’re struggling to complete your tax return, speak with a qualified, experienced tax professional and aim to submit it as soon as possible.
It can get worse……returns more than 6 months late will result in a £300 penalty or 5% of the tax due, whichever is the higher. More than 12 months late….well, the penalties can increase further at that stage.
Don’t bury your head in the sand; aim to resolve this quickly and save yourself lots of money and hassle!
Curo April 2013.