The tax return season for 2010/11 returns is due upon us.

This year though the rules for penalties have changed
significantly:-

Late Filing

  • Initial £100 late filing penalty still exists
  • From three months late, additional daily penalty
    of £10, up to a maximum of £900
  • From six months late, additional penalty of 5%
    of the tax due (de-minimis £300)
  • From twelve months late, additional 5% or £300
    penalty

Late Payment

5% surcharges will apply at:-

  • 30 days
  • 6 months
  • 12 months

If you’re an accountant, when will you start telling your
clients?

Eaves & Co, Tax Specialists, Leeds, West Yorkshire

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