Mayday Mayday!

A Mayday warning from HMRC about their £10 per day penalty charges for late online filing:

"If you haven’t sent in your 2011/12 tax return online, be warned – you’ll be hit with more penalties from next month if you still haven’t filed. 

From 1 May, HM Revenue and Customs (HMRC) will charge a £10 daily penalty for each day your online return is late, up to a maximum of 90 days. This is in addition to the initial £100 late-filing penalty for missing the 31 January filing deadline.

For paper returns, daily penalties started on 1 February, as they were due by the earlier deadline of 31 October. So don’t send a paper return now, as it will trigger an amount equal to, or close to, the maximum daily penalty charge of £900.

Looking ahead, further penalties of at least £300 (or 5 per cent of the tax due, if that is more) will be issued for returns that are 6 and 12 months late.

Anyone who’s received a late-filing penalty, hasn’t yet sent a return, but thinks they don’t need to be in Self Assessment, should call HMRC on 0845 900 0444. If HMRC agrees, the return and any penalty will be cancelled."

You have been warned!

Tax does have to be taxing.

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Tax Investigation for Dummies, by Nick Morgan, provides a good and easy to read guide for anyone caught up in an HMRC tax investigation. A must read for any Self Assessment taxpayer.

Click the link to read about: Tax Investigation for Dummies

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