Late tax return fines increase in May

Individuals who are yet to submit their 2011/12 self-assessment tax return are being reminded that they will be hit by increasing penalties from next month.

The online deadline for filing self-assessment returns for the 2011/12 tax year was 31 January. Individuals that missed this deadline will have already received an initial £100 late-filing penalty.

From 1 May, HMRC will charge an additional daily £10 penalty for each day the online return is late, up to a maximum of 90 days.

For paper returns, which were due by the 31 October deadline, daily penalties began on 1 February.

Further penalties of at least £300 – or five per cent of the tax due, whichever is the greater – will then be issued for returns that are six and 12 months late.

We can help you file your self-assessment tax returns.