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Changes to late filing Penalties

If you do not file your SA return on time, the penalties will be greater the more you delay!

New late filing penalties have been introduced in respect of self-assessment (SA) tax returns for the year ended 5 April 2011. These provisions are nasty and the penalties and interest could potentially mount up rapidly.

SA tax returns have to be submitted to H M Revenue & Customs by 31 January following the end of the tax year. We at robinson+co file all our clients’ SA returns on time, as long as you have let us have the required information when requested.

There is no longer provision to reduce the initial £100 late filing penalty to nil for a return showing no tax liability or a refund due. 

New Penalties for filing late

• One day late – you will be charged an initial penalty of £100 (even if you have no tax to pay or you have already paid all the tax you owe).
• Three months late – you will be charged an automatic daily penalty of £10 per day, up to a maximum of £900.
• Six months late – you will be charged further penalties, which are the greater of 5% of tax due or £300.
• Twelve months late – you will be charged yet more penalties, which are the greater of 5% of tax due or £300.  You could even face a higher penalty of up to 100% of the tax due!

Penalties for paying late

• Thirty days late – you will be charged an initial penalty of 5% of the tax unpaid at that date.
• Six months late - you will be charged a further penalty of 5% of the tax that is still unpaid.
• Twelve months late – you will be charged a further penalty of 5% of the tax that is still unpaid.

These penalties are additional to the interest you will be charged on all outstanding amounts, including unpaid penalties, until payment is received.

You will therefore appreciate that it is in your interest to provide us with all your tax information as early as possible. 

If you are at all concerned then do not hesitate to contact Ruth Bennett on 01900 603623.

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robinson+co is registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

robinson+co is a trading name of robinson+co (Gosforth) Limited registered in England & Wales 08088245. Registered office Oxford Chambers, New Oxford Street, Workington CA14 2LR. Regulated by the Institute of Chartered Accountants in England & Wales for a range of investment business activities.
robinson+co Financial Services Limited is registered in England & Wales 07272147. Registered office Oxford Chambers, New Oxford Street, Workington CA14 2LR. Authorised and regulated by the Financial Conduct Authority firm number 597189.

Professional indemnity insurance

The firm's professional indemnity insurance policy is provided by Liberty who may be contacted via Bluefin Professions at Castlemead, Lower Castle Street, Bristol BS1 3AG. The policy applies to claims wherever made outside the United States or Canada, based on acts, errors or omissions occurring anywhere in the world.

robinson+co Financial Services Limited's policy is provided by Collegiate Management Services Limited and can also be contacted via Bluefin Professions.

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