Ministers' tax returns

Last Updated on Thursday, 22 September 2011 15:38 Wednesday, 21 September 2011 09:49

The last date for filing a paper self assessment tax return for the year 2010-11 is 31 October 2011 and the penalty regime for failing to do so has been made even more rigorous - see below. The final date for filing online is 31 January 2012, which is also the deadline for paying any tax due. Ministers are reminded of the attractive software package available from Keytime at  www.keytime.co.uk/ministers

The penalty regime is very significant, namely:

• An initial £100 fixed penalty, which will now apply even if there is no tax to pay, or if the tax due is paid on time:
• 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; and
• 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.

New penalties for paying late are 5% of the tax unpaid at 30 days; 6 months; and 12 months.

Interest will also be charged on top of these penalties.