Taxpayers running out of time to return 2011-12 self assessment tax return

HM Revenue and Customs (HMRC) has reminded taxpayers that there are only a few days left before the 2011-12 self assessment tax return deadline passes.

Indeed, an immediate £100 penalty will be issued to anyone who misses the January 31st cut-off point, irrespective of whether they have any tax to pay.

Additional penalties will then be handed out depending on how late details are returned. After three months, additional £10 daily fines will be issued up to a maximum of £900.

After six months, an additional £300 or five per cent of tax due (whichever is the greater) will be added to charges, while a similar levy will be applied if the return is 12 months late.

Chas Roy-Chowdhury, Head of Taxation at ACCA, told the BBC earlier this month: "While self assessment is all about getting our tax returns completed accurately and filed on time, it is also about paying the tax."

Posted by Thomas Fletcher

Date published 25 Jan 2013 | Last updated 25 Jan 2013