If you were late in filing your 2011/12 self assessment tax return, you will soon be receiving a late filing penalty through the post for £100.

And even if no tax is due, if you filed your return after the 31 Jan deadline, you are still liable to pay this fine.

For those still owing tax, settle any balancing payments amount as soon as possible as after 28 February you will also be subject to tax geared penalties of 5% of the 2011/12 outstanding amount.

Even more reason to file and pay up ASAP is the fact that the late filing and tax geared penalties will increase from April and July. At the end of July, the penalty for a late tax return jumps to a maximum of £300 with tax geared penalties still in force.

The message is simple: file and pay up as soon as possible to avoid incuring any further penalties.

Curo

Feb 2013.