HMRC Self-Assessment Tax Return ReminderSaturday, January 28th, 2012
This is the final repeat of the news items from last week and the week before. HMRC’s Press Office has also issued another reminder – however, see the below press release dated 26 January 2012:
In its New Year message, HMRC have issued a reminder to those who have still got to complete their Tax Return for 2010/11. This has to be filed:
- Online, and
- By midnight 31 January 2012
The quote from HMRC says:
Missing the 31 January deadline will mean that Self-Assessment taxpayers will face penalties…. we want the tax returns, not the penalties’
In another statement dated 23 January 2011, a stronger reminder was issued, outlining the importance of meeting the 31 January deadline to avoid penalties. This deadline applies for all SA returns, even when there is no tax to pay.
Schedule 55 of the Finance Act 2009 allows the following penalty regime for missing the 31 January deadline:
|Penalties for missing the tax return deadline|
|Length of delay||
Penalty you will have to pay
|1 day late||A penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe.|
|3 months late||£10 for each following day – up to a 90 day maximum of £900. This is as well as the fixed penalty above.|
|6 months late||£300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.|
12 months late
|£300 or 5% of the tax due, whichever is the higher.
In serious cases you may be asked to pay up to 100% of the tax due instead.
These are as well as the penalties above.
This is just issued as a warning to payroll departments who, inevitably, will be faced with the prospect of employees having misplaced their P60s and P11Ds.
In 2011, HMRC faced criticism at a number of First Tier Tribunals about the issue of allowing penalties to accumulate before reminder notices were sent. It is, therefore, comforting to read in this message that HMRC’s priority is the returns and not the cash.
In the second reminder, HMRC remind us of the Self-Assessment helpline on 0845 9000 444 and Website help, detailed below. The Press Release on 26 January 2012 about the 2-day extension is welcomed.
- NDS – New Year Tax Return Reminder
- NDS – Just one week left to send in your tax return
- HMRC – File your tax return online
- HMRC – Tax Return Deadlines and Penalties
- HMRC – Self-Assessment Deadline