June 20 2013 Latest news:
Adam Aiken, Editor
Wednesday, October 26, 2011
The deadline for filing self-assessment paper tax returns is less than a week away, and thousands of people face being caught out by tough new penalties imposed by the taxman.
A new system of fines means people who submit their paper tax returns on or after November 1 will be hit with £100 penalties – even if they owe nothing.
The new system also automatically imposes further penalties after three, six and 12 months. For example, after three months, daily penalties of £10 a day are applied, up to a maximum of £900.
If you cannot hit the October 31 deadline for paper returns, you can still avoid being fined if you file online by January 31 instead. However, the harsh new HM Revenue & Customs rules mean that if the taxman receives your paper return late, you will be fined even if you also file online before the January deadline.
For more information on completing a tax return, visit www.hmrc.gov.uk/sa or call 0845 9000 444.