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