HMRC Paper Tax Return October Deadline

Just to remind everyone that the end of October is the deadline for those who file their tax returns in hard copy (ie paper).

HMRC has issued a reminder that if your paper tax return arrives even one day late (and even if there is no tax to pay, or the tax due is paid on time) a fine of £100 will still be levied (easy money, what was I saying the other day about penalty farming?):

"HM Revenue & Customs (HMRC) is reminding anyone sending their 2011/12 tax return on paper that they need to do so by the 31 October deadline, if they want to avoid a penalty.

Paper tax returns received on or after 1 November will result in a £100 penalty – even if there is no tax to pay or the tax due is paid on time.

If you’re not able to submit a paper return by the end of the month, you can avoid a late-filing penalty by sending your return online by 31 January.

As well as having an extra three months to file, if you file online your tax is calculated automatically and your tax return is processed faster, so any money you’re owed is repaid more quickly. Registering for HMRC Online Services is simple – just go to www.hmrc.gov.uk/online

For general help and advice on completing your tax return, visit www.hmrc.gov.uk/sa or call the Self Assessment helpline on 0845 9000 444.

Notes for editors
1. Around 10.6m Self Assessment returns/notices to complete a tax return have been sent out by HMRC for the 2011/12 tax year.

2. The penalties for late Self Assessment returns are:

• an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time;
• after 3 months, additional daily penalties of £10 per day, up to a maximum of £900;
• after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater; and
• after 12 months, another 5% or £300 charge, whichever is greater.

3. There are also additional penalties for paying late of 5% of the tax unpaid at: 30 days; 6 months; and 12 months."

Tax does have to be taxing.



Professional Cover Against the Threat of Costly TAX and VAT Investigations

Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Taxwise.

Ken Frost has negotiated a 10% discount on any polices that may suit your needs.

However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.

What is TAXWISE?

TAXWISE is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.

To find out more, please use this link Taxwise



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

HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"