Revenue issues May Day tax alert

22 Apr 2013 Taxpayers who have not yet filed their 2011/12 self assessment tax return are being urged to do so before 1 May, when additional penalties for late filing will apply. From this date, HM Revenue & Customs (HMRC) will charge a £10 daily penalty for late online returns, up to a maximum of 90 days. The charge is in addition to the initial late filing penalty of £100, which applies automatically even where there is no tax due, or where the tax due is paid on time. Further penalties of at least £300, or 5% of the tax due if this is greater, will apply for tax returns that are 6 and 12 months late. Penalties also apply to the late payment of tax, amounting to 5% of the unpaid tax, and payable at 30 days, 6 months and 12 months. We can help with all of your tax planning needs, including filing your tax return on your behalf. Please contact us for further assistance. Our Services Accounting Services Auditing Business Support Company Secretarial Company Formation Payroll Taxation Services Specialist Services Research & Development Litigation support Investment business

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