Halesowen-based chartered accountancy firm Nicklin LLP is advising anyone who has not yet filed their 2011 self-assessment tax return online to do so as soon as possible to minimise any penalties.
Online self-assessment returns for 2010/11 were due on 31 January 2012, with anyone missing this deadline receiving an immediate automatic £100 penalty. New rules mean that if a return is more than three months late, HM Revenue and Customs (HMRC) will impose an additional penalty of £10 for each day that it remains outstanding, up to a maximum of 90 days.
For online returns, the three-month period ended on 30 April 2012, with daily penalties starting on 1 May. Daily penalties for paper returns began in February, however, as the deadline for these was 31 October 2011.
Harvey Owen, partner at Nicklins, said: “If you have not yet filed your self-assessment tax return online then you will now be liable for daily penalties, in addition to the £100 fine you have already been charged.
“If your return remains outstanding for six or 12 months then at each of those points you will face additional penalties for each period respectively of at least £300 or five per cent of the tax due, whichever is greater.
“Our advice is to file your return immediately to minimise the penalties you will have to pay. Daily penalties can quickly add up to hundreds of pounds. If you have received a penalty but do not think you should be in the self-assessment system then you should inform HMRC immediately as the return and any fines may be cancelled.”