Paper Self Assessment returns
HMRC have issued a last minute appeal to taxpayers who continue to submit paper tax returns. The 2012-13 tax return deadline for paper Self Assessment returns is31 October 2013. HMRC recommends that taxpayers obtain proof of posting, as this provides evidence that a return has been posted in the event of any appeal against a late-filing penalty.
Late submission of a Self Assessment return will become immediately liable to a £100 late filing penalty. The penalty will apply even if there is no liability or if any tax due is paid in full by 31 January 2014. The fixed £100 penalty for failing to file a tax return on or before the filing date applies to paper returns received on or after 1 November 2013. The penalties also apply to online returns received on or after 1 February 2014.
Daily penalties of £10 per day will also take effect if the tax return is still outstanding three months after the filing date up to a maximum of £900 i.e. for three months from 1 November 2013. If the return still remains outstanding, further higher penalties will be charged from six months and twelve months late.
Most taxpayers can choose to submit an online tax return instead and will benefit from an additional three months to file – the deadline for filing online is 31 January 2014.