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Less than a week left to make paper based 2011/12 personal tax returns

Are you making an electronic self assessment tax return for 2011/12? If not, you had better get busy with your paper based return or it will cost you!

Self assessment returns for the year ending 5th April 2012 are now due. Midnight on Wednesday the 31st of Oct is the deadline for paper based returns. Late returns will be met with £100 fine straight away. This £100 fine is automatic and will be applied to any late returns whether there is tax due or not.

Once the return is three months late, a further fine of £10 a day will be charged, up to a maximum of £900. Then at 6 months, either a 5% fine of tax due or £300 (which ever is greater) will be levied. Then the same again at 12 months, either 5% of balance owing, or £300.

If your return is late, you are best advised to register with HMRC to make your returns online. The deadline for online 2011/12 self assessment tax returns is not for another 3 months, the 31st of January 2013. For information on how to register for online returns with HMRC click here

The actual tax payment deadline is the same for both paper and online returns, the 31st January 2013. HMRC have issued a statement advising anyone posting their paper returns close to the deadline to obtain proof of postage. This may be necessary if you have to argue your case against a late filing fee.

For downloadable self assessment forms and more information on making a paper return. click here

This article was published in our News section on 25/10/2012.

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