As the January 31 filing deadline is just weeks away, the taxman is calling on anyone who hasn’t sent in their 2011-12 tax return to do it now – and find ’inner peace’.
HMRC said: "We found that people often felt a real sense of relief, or peace of mind, once they sent in their return – like a weight being lifted from their shoulders. A new ad campaign encourages people who still haven’t sent their return to ’do it today, pay what you owe and take a load off your mind’, so they can experience ’inner peace’.
"Any outstanding 2011-12 returns must be sent online to HMRC by January 31 2013. If you send your return after this date, you won’t attain inner peace, as you’ll receive a £100 penalty – even if you have no tax to pay or you pay your tax on time."
For anyone completing an online return for the first time, there is a need to register for online filing at www.hmrc.gov.uk/online. An activation code for this process is than mailed out which can take up to seven days.
January 31 2013 is also the deadline for paying any tax you owe for the 2011-12 tax year.
The penalties for late Self Assessment returns are:
- an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time;
- after three months, additional daily penalties of £10 per day, up to a maximum of £900;
- after six months, a further penalty of five per cent of the tax due or £300, whichever is greater; and
- after 12 months, another five per cent or £300 charge, whichever is greater.
There are also additional penalties for paying late of five per cent of the tax unpaid at: 30 days; six months; and 12 months.
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Susie Hughes © Shout99 2012