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13th September 2011
HM Revenue and Customs emphasised that there will be a series of financial penalties for those who file late returns or make late payments.
Late payments will be charged at five per cent of the tax unpaid after 30 days, six months and 12 months during the 2010/2011 financial year and every year thereafter.
Furthermore, interest will be imposed on each of these penalties, making it in the best interests of businesses and individuals alike to make payments on time.
An initial £100 fixed penalty will be applicable to late Self Assessment returns, even if there is no tax left to pay or if the tax due is paid on time.
Tax return deadlines, however, remain the same at October 31st for paper and January 31st for online returns.
Self Assessment penalties due to come into force
Contractors may find themselves subject to Self Assessment penalties for late returns and payments.
HM Revenue and Customs emphasised that there will be a series of financial penalties for those who file late returns or make late payments.
Late payments will be charged at five per cent of the tax unpaid after 30 days, six months and 12 months during the 2010/2011 financial year and every year thereafter.
Furthermore, interest will be imposed on each of these penalties, making it in the best interests of businesses and individuals alike to make payments on time.
An initial £100 fixed penalty will be applicable to late Self Assessment returns, even if there is no tax left to pay or if the tax due is paid on time.
Tax return deadlines, however, remain the same at October 31st for paper and January 31st for online returns.
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