With only one month left until the 31 October deadline for sending the taxman your paper 2011 Self Assessment Tax Return, HMRC is warning about the new penalties for late filing: which come into force for the first time this year.
If you send in a paper (hard copy) Self Assessment Tax Return to HM Revenue & Customs on or after 1 November 2011, you will be charged a £100 penalty:. You get penalised even if: the tax due is paid on time, and even when there is no tax to pay at all. Worse still, longer delays mean higher penalties still: as there are additional late-filing penalties after three, six and twelve months.
If you do not send your paper SATR by 31 October, you can still avert a penalty by filing your tax return online instead. You get an extra three months for electronic filing, as the deadline is 31 January.
How can Lynam Tax Investigation Experts help me?
Lynam Tax partners have a vast amount of practical experience in managing tax investigations and tax enquiries. We can advise you on the best course of action and if appropriate, help you manage any necessary disclosures, in order to obtain the optimum outcome for you, your business and your family.
*For a free, private, no obligation consultation, call Paul Lynam today on 0845 643 9997
or Andrew Nutbrown on: 07718 778710