Anyone who doesn’t submit their tax return on time for 2010/11 will be fined up to £1,600 and possibly even more!  And you won’t be let off the fine if you have no tax to pay.

Fed up of hundreds of thousands of people filing their tax returns late every year, the taxman has decided on dramatic increases to the fine for late returns.  Instead of the current £100 flat rate fine a new increasing scale of fines is being introduced for the 2010/11 tax year.  If you miss the 31 January 2012 filing deadline then there will be automatic £100 fine.  For the next three months, the fine will increase by £10 a day until the tax return is submitted, up to a maximum of £900 – making a total of £1,000.  For delays of between three and six months an additional fine of a flat £300 or 5% of the tax due (whichever is higher) will be levied.  Another flat fine of £300 or 5% of the tax due (again whichever is higher) will be charged if the delay extends up to 12 months.

Got that?  So if you are 12 months late with your tax return then you will be fined a minimum of £1,600.  Ouch!  That’d hurt.

And the taxman has decided that he won’t cancel the fine if you don’t have any tax to pay, like he often does now.  So just being a day late with your tax return means a £100 fine.  Automatic.  No appeal.  No deal.

So take one simple step to avoid being fined and call Katy at Pemberley Accounting today on 078 105 18812.  Your first consultation is free and once she has completed a full assessment of your tax position she will work with you to ensure your tax returns are submitted on time.  Whether you are employed, self-employed, a contractor or even a director of your own limited company, her comprehensive experience of tax and accounting will ensure you pay only the tax due and don’t get fined for any late returns.

Don’t put it off.  Submitting your return ahead of the deadline doesn’t mean you’ll pay any tax due early.  But it does mean you won’t get fined.  So call Katy today.