January tax return deadline reminder – beware new penalties
9 January 2012
Bookmark and Share
 
   
Email article : Print article : More articles like this
HM Revenue & Customs (HMRC) has issued a new year reminder to anyone who hasn't yet sent in their 2010/11 self-assessment tax return – or incur new penalties.
There are two important things to remember:
 
1. If you still haven't submitted your 2010/11 return, HMRC will only accept it if you send it online
 
2. You need to do so by the 31 January deadline.
 
Plus, don't forget, 31 January 2011 is also the deadline for paying any tax you owe for the 2010/11 tax year.
 

Penalties

If you send HMRC an online return after this date, or you file a paper return, you will receive a £100 fixed penalty – even if you have no tax to pay or you pay your tax on time.
 
Further late filing will incur the following fines:
  • 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
  • after 12 months, another 5% or £300 charge, whichever is greater.
In serious cases, the penalty after 12 months can be up to 100% of the tax due.
 
Penalties for paying late are 5% of the tax unpaid at:
  • 30 days
  • 6 months
  • 12 months.
Interest is also charged on top of these penalties.
 

Completing your return online

If you're completing an online return for the first time, you'll first need to register for online filing at www.hmrc.gov.uk/online.
 
You'll immediately get a User ID, and an Activation Code will be posted to you. Once you've activated your account, you can complete your tax return online.
 
If you still need to register, it's important that you do it as soon as possible, because it can take up to seven working days to receive your Activation Code.
 

If you've filed online before

Check that you still have you user ID and password. It can also take up to seven working days to get a replacement, so don't leave it to the last minute.
 
If you need help and advice on completing a return, visit www.hmrc.gov.uk/sa or call the self-assessment helpline on 0845 9000 444.


Related articles