MAY DAY ALERT FOR LATE TAX RETURNS
April 18 2014.


From 1 May, HM Revenue and Customs (HMRC) will charge a £10 daily penalty for each day an online self-assessment tax 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. HMRC advises against sending 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 five per cent of the tax due, if that is more) will be issued for returns that are six 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.

www.gov.uk