HMRC have issued a reminder that tax penalties will be charged from 1May for those who still have not sent their tax return online before the end of April . . .

The deadline for submitting self-assessment tax returns online was 31 January. Those who failed to file their tax return by the 31 January deadline received an £100 HMRC tax penalty for late filing.

HM Revenue and Customs (HMRC) have now announced that those who missed the 31 January deadline and fail to submit their self-assessment tax return by the end of April will be charged an additional HMRC tax penalty of £10 per day, up to a maximum of 90 days (£900).

So, those who do not submit their self-assessment tax return online on or after 1 May, will accrue a £10 tax penalty daily, for each day it remains outstanding.

Daily tax penalties for paper tax returns began on 1 February as the tax return deadline for paper submissions was 31 October.

For those who fail to submit their tax return six and then twelve months after the deadline, additional penalties of a minimum of £300, or five percent of the tax due (whichever is more), will be issued on top of the initial £100 late filing penalty and the £10 daily tax penalty from 1 May.

Click here to see our diagram ‘HMRC Penalties for missing the tax return deadline’

If you have received a late filing tax penalty of £100 but have not sent in a self-assessment tax return, because you believe that you are not required to, HMRC have stated that if they agree any tax penalty issued will be cancelled.

Stephen Banyard, from HM Revenue and Customs, said:

“We want the returns not penalties. So, if you haven’t sent us your 2010/2011 tax return, you need to do one of two things urgently – either send it online by 30 April, or call us if you think you shouldn’t have to complete one.”

On-top of the tax penalties listed above there is also a new tax penalty of 5% of the tax unpaid for those paying late at 30 days, six months and 12 months after the deadline.

Kevin Kinsella Jnr, of KinsellaTax, said:

“The issue of penalties are now becoming huge.

“HMRC have upped the ante for penalty and the £100-£200 penalties will soon be a thing of the past.

“This will be extremely worrying for people who have still got outstanding self-assessment forms to lodge so beware…keep your eye on the penalty system.”

Are your self-assessment tax returns under tax enquiry by HMRC?

KinsellaTax are specialists in dealing with HMRC self-assessment enquiries and will ensure that HMRC settlements and tax penalties are fair.

KinsellaTax staff consists of ex-HM Inspector of Taxes and ex-HM Custom and Excise Officers, fully experienced in HMRC investigations.

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