MayDay tax return deadline
No, don’t worry, you haven’t lost your marbles, or at least not all of you have, the deadline for submitting your 2010/11 Self Assessment tax return online was 31 January*, and if you haven’t sent it in by now, you are officially Late. However, if you are one of the loiterers already in possession of a shiny £100 fine, 1 May could be a Very Important Date for you because, under the new penalty rules, that is the day when daily late penalties start rolling.
That’s right, from now on, if your return is more than three months late, you will now be charged a further £10 penalty for each day it remains outstanding, up to a maximum of 90 days. That’s £900. And if you still don’t get your behind in gear, even further penalties of at least £300 (or 5 per cent of the tax due, if that is more) will be issued for returns that are 6 and 12 months late, on 31 July 2012 and 31 January 2013 respectively.
However, what is particularly noteworthy is that HMRC have provided a handy infographic for you to work out whether you actually needed to complete a 2010/11 Self Assessment return or not, and if you didn’t (and HMRC agree) the return and any penalty will be cancelled. This is great and gratifying news, as previously if a return was issued, it had to be returned whether there was any point to the exercise or not.
If you think this might be you, you are advised to call 0845 900 0444 so that HMRC can call the dogs (and penalties) off.
HMRC’s Stephen Banyard said:
“We want the returns and not penalties**. So, if you haven’t sent us your 2010/11 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.”
* technical glitches meant that returns were accepted until 2 February this year, but the official deadline remained 31 January
** Yeah, we know. Just ask Goldman Sachs…