Did You Find Inner Peace?

HMRC’s Inner Peace campaign highlighted the need to complete & submit your 2011/12 tax return by 31st January 2013, encouraging people to make submissions as early as possible.

Hundreds of thousands of individuals leave the filing of their tax returns until the final day, with some not filing by the time the deadline passes, and thus incurring penalties and late payment interest.

Penalties start with an automatic £100 penalty for a late return, then after three months a £10 daily charge begins, up to a maximum of £900, with further penalties at six and twelve months, meaning £1600 in penalties could be incurred for failing to file a self assessment.

If you didn’t make the deadline, HMRC will accept a reasonable excuse, by completing a reasonable excuse form as soon as possible, to remove any penalties. These include:

· Failure in HMRC Computer System

· Your computer breaks down just before or during the preparation of your online return

· Serious illness, disability or mental health condition rendering you incapable of filing your tax return (doctors note probably required)

· If you have not received your HMRC online services activation code in time.

If you have failed to pay your tax liability by 31st January, interest will begin to accrue at 3% of the tax outstanding, with a 5% charge if the liability is 30 days late, and further 5% penalties after six and twelve months.

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

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