Added by Jon Davies
From 1 May, HMRC will apply fines of £10 per day if you haven’t yet submitted your 5 April 2012 tax return. It’s estimated that up to 850,000 people will be affected.
Will this affect you? If so, we can help – please contact us on 0845 177 5007 or by email at [email protected]
How much could you be fined?
The deadline for submitting 5 April 2012 Self-Assessment Tax Returns was 31 January 2013. If you missed the deadline, you were immediately fined £100.
While this is costly enough, the fines will now increase rapidly as HMRC will charge a daily penalty of £10 for the next 90 days starting from today. Therefore, if you haven’t submitted by 29 July, the fine will be £1,000 (ie the initial £100 plus 90 days x £10).
If you haven’t submitted by 31 July 2013, an additional fine will be applied. This will be the larger of £300 or 5% of the tax due. Therefore, the total fine will be at least £1,300.
If you haven’t submitted by 31 January 2014, there will be yet another fine. This will be the larger of £300 or 5% of the tax due. By this point, the total fine will be at least £1,600.
What should you do if you’re affected?
If you are affected, we can help you complete and submit the tax return and avoid further fines. This will save you money and also stop you worrying.