The Self Assessment Deadline is Looming

The deadline for filing on paper for the tax year which ended April 5 2011, passed on October 31 last year.
However, you can still file online up until midnight on Tuesday 31st Junaury 2012; any tax due must also be paid by this date.

Meeting the deadline is more important than ever because HM Revenue & Customs has introduced tough new penalties for late-filed tax returns.
There is now a £100 fixed penalty for submitting your tax return late, even if you have no additional tax to pay; previously, the fine was £100, capped at the amount of tax unpaid as at January 31st.

If the return is more than three months late, there is a £10 daily charge, capped at £900 or 90 days, and after six months, a further penalty of £300, or 5 per cent of the tax at stake is applied.

To avoid getting caught out by this deadline or to obtain any advice on how to file your tax return, please contact us at Crombies Accountants on 01902773993.