2011/12 Self-Assessment Deadline Looms

If you need to complete a self assessment tax return and make direct payments to HMRC in respect of income tax, Class 4 National Insurance and any capital gains tax liabilities, the deadline submission and payment of liabilities in respect of the 2011/12 tax year is 31st January 2013.

The deadline for filing your 2011/12 self-assessment tax return online is fast approaching, and there is an automatic fixed penalty of £100 if the return is not submitted by the deadline, even if there is no tax liability or the return shows that a refund is due.

HMRC will also charge further penalties of £10 per day if the return is 3 months late (up to a maximum of £900) and can charge an additional £300 or 5% of tax due, whichever is greater, if the return is more than 6 months late.

The balance of any outstanding income tax, National Insurance and capital gains tax liabilities is also due for payment by 31st January 2013, and HMRC will charge interest on late payments. For those with a liability in excess of £1000, the first payment on account for the 2012/13 tax year is due for payment by 31st January 2013

If you require help with the submission of your self-assessment tax return, please contact our office to speak to one of our accountants.

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