If you are yet to complete a self assessment return that was due for submission to HMRC by 31st January 2012, you will now face additional penalties from HMRC.
The penalties are effective from 1st February 2013 and are relevant to individuals who are yet to complete a 2010/2011 self assessment tax return and make direct payments to HMRC in respect of their income tax, Class 4 National Insurance and any capital gains tax liabilities.
As the return is now more than 12 months late, penalties of either £300 or 5% of the outstanding tax will apply, whichever is higher. In serious cases up to 100% of the tax could be due instead.
Interest will also be charged on any late payments.
For more information contact Group Tax Compliance Manager PAUL BRIDES on 0161 703 2500 or e-mail firstname.lastname@example.org