News

The deadline for sending your online tax return was midnight on Tuesday 31 January 2012. All tax returns received on 1 and 2 February 2012 will be treated by HMRC as though they were received by 31 January. Paper tax returns were due on or before 31 October 2011.
If you've missed the deadline you'll have to pay a penalty of £100. You should send your tax return online as soon as you can to avoid further penalties. Don't send a paper tax return as the penalties will be even higher.
The longer you delay, the more you'll have to pay. When your tax return is three months late, you'll have to pay a penalty for each additional day it is late. When it's six months late, you'll have to pay a further penalty and another final penalty when it's 12 months late. Together these can add up to a penalty of £1,600 or more.

A new campaign will be launched by HM Revenue and Customs (HMRC) during the next year aimed at people who fail to make tax returns and who are liable to pay tax at the highest tax rates.

A new campaign will be launched by HM Revenue and Customs (HMRC) during the next year aimed at people who fail to make tax returns and who are liable to pay tax at the highest tax rates.

Question. I’m currently in dispute with H M Revenue & Customs (HMRC) and my accountant is having problems in getting the Inspector dealing with the enquiry to understand my specific business and how it operates. I believe HMRC have recently launched a pilot scheme which allows a review of the case with a different officer and my accountant. Is this true and if so how does the review work and would I be bound by any outcome?

A record 9.45 million Self Assessment tax returns were filed on time this year, and a record 7.65 million (80.9 per cent of them were filed online, HM Revenue & Customs (HMRC) revealed today.

Question. I currently own a property in Cornwall which I let out fully furnished to tourists throughout the year. A friend of mine, who also lets property not only in the UK but in France, has told me that changes to the way in which income from Furnished Holiday Lettings (FHL) are taxed is being introduced. Is this correct and, if so, what changes are being made and when do they come into force?

To make sure taxpayers are not disadvantaged if they cannot get through to HMRC's call centres on the 31st January, due to threatened industrial action by its staff, HMRC have announced that they will not impose any late filing penalties for taxpayers who file their self-assessment returns on the 1st or 2nd February.

Question. Traditionally in previous years I have submitted my self assessment return to H M Revenue & Customs (HMRC) after the 31 January filing deadline making it a late return. The penalty of £100 in force wasn’t sufficient reason for me to ensure I met the deadline. I have been told that for the 2011 self-assessment return due to be filed with HMRC on or before 31 January I could face much higher penalties if I fail to submit it on time. Is this correct and what are the maximum penalties I could now face?