Late filing of Self Assessment tax returns
Taxpayers that have not yet filed their 2012-13 Self Assessment are liable to an automatic £100 penalty for late submission of their tax returns. The penalty applies even if no tax was due or the tax due was paid on time.
In addition, taxpayers that were meant to file online by 31 January 2014 face a minimum daily penalty of £10 per day totalling up to £900 for the three months beginning 1 May 2014. The next set of penalties begins on 1 August 2014 when taxpayers will be charged the greater of £300 or 5% of the tax due. If the return still remains outstanding, further higher penalties will be charged when the return is twelve months late. These additional penalties are based on the greater of 5% of tax due or £300. In serious cases this penalty may be increased up to 100% of tax due.
We would urge any taxpayer whose 2012-13 Self Assessment return remains outstanding to file as soon as possible in order to avoid further penalties.