Late filing penalties start adding up

More penalties are on the way in May for taxpayers who have failed to submit their 2011-12 tax return online.

From 1 May, HM Revenue and Customs (HMRC) will charge a £10 daily penalty for each day an online return is late, up to a maximum of 90 days.

This daily penalty will come in addition to the initial £100 late filing penalty for missing the 31 January filing deadline.

Looking ahead, further penalties of at least £300 (or five per cent of the tax due, if that is more) will be issued for returns that are six and 12 months late.

Anyone who has received a late filing penalty and has not yet sent a return, but thinks they do not need to be in Self Assessment should call HMRC on 0845 900 0444. If HMRC agrees, the return and any penalty will be cancelled.

Link: Tax return deadlines and penalties