Tax Return PenaltiesSunday, February 19th, 2012
HMRC have issued a statement reminding us that online Tax Returns for 2010/11 had to be sent by midnight on 31 January 2012, though Returns received on 01 or 02 February would be treated as having been received on the 31st. The statement continues that an immediate automatic penalty in the sum of £100 is due for late Returns, increasing in value thereafter – ‘The longer you delay, the more you’ll have to pay’.
HMRC also advise that an individual has until 31 March 2012 to appeal against a penalty for missing the deadline.
This is useful information for your employees in the event that they have missed the filing deadline. Given the recent criticisms of HMRC for issuing penalties and being accused of revenue-generation, it is open and upfront of them to provide this information so quickly after the deadline has passed