Two weeks until the 2011-12 self assessment tax return deadline

Taxpayers who have not yet acted on their 2011-12 self assessment tax return must do so now as there are only two weeks until the deadline for online submissions.

Anyone who has yet to submit their self assessment details for the financial year has until January 31st to do so or face a series of penalties.

An initial £100 fixed penalty will be issued to anyone who missed the deadline, regardless of whether there is any tax to pay, while £10 daily penalties - up to a maximum of £900 - will be applied after three months.

If the return is six months late, another penalty of five per cent of tax due or £300 (whichever is greater) will be applied, while a similar fine will be issued at 12 months.

And for those who have never used the online platform before, an activation code must be obtained from HMRC. The deadline for this is next Monday (January 21st).

Posted by Emily Smith

Last updated: 17th January 2013