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Tax Calendar/Penalties

07 January 2011

In these troubled economic times the last thing most of us need is another bill, so make sure your New Year's Resolution is to get your tax returns and payments in on time and avoid any unnecessary tax penalties.  To help you along the way, take a look at our tax calendar, which gives you some of the key dates that you'll need for your 2011 diary.

Penalties for late filed tax returns are on the increase.  From 2010/11 (for both individuals and companies) the new self assessment penalties are expected to be as follows:

 Tax Return Submitted Late

  • Tax returns filed late will be charged an automatic penalty of £100, regardless of their level of taxable income.  (For Partnership returns, the penalty is £100 per partner!)
  • If you still don't send your 2010-11 tax return back, you'll also be charged the following penalties:
    • Over three months late - a daily penalty (expected to be £10 per day) can be applied at HMRC discretion
    • Over six months late - an additional £300 or 5% of the tax due if this is higher
    • Over twelve months late - a further £300 or a further 5% of the tax due if this is higher
  • Also, failure to deliver your tax return within 12 months of the due date, with deliberate withholding of information, could lead to a massive penalty of 70% of tax due for the return period (instead of the 5% noted above), or even up to 100% if the Revenue can prove information has been withheld deliberately with concealment


Tax Liability Paid Late

  • If your tax liability isn't paid by the due date, surcharges will be issued as follows:
    • 5% of the tax unpaid one month after the filing deadline (except for companies, where it is 5% of the tax unpaid at the filing date), plus
    • another 5% 6 months after the filing deadline and
    • another 5% 12 months after the filing deadline
  • This is in addition to an interest charge on the outstanding amounts.


If you're in any doubt about what penalties you could be facing, please contact Pamela Berry -

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