Tuesday 17 January 2012

Tax event due on January 31

The following Tax Events are due on 31 January 2012:
Deadline for submitting your 2010/11 self assessment return (automatic £100 penalty if your return is late even if there is no outstanding tax liabilitiy or you return shows you are due a tax refund). Balance of your 2010/11 tax due, plus first payment on account for 2011/12.
What this means for you?
This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Class 4 NI and any capital gains tax liabilities. There is a penalty of £100 if your return is not submitted on time, even if there is no tax due or you are due a tax refund. Continued delay in submitting the return will result in further penalties being incurred.
The balance of any outstanding income tax, Class 4 NI and capital gains tax for the year ended 5th April 2011 is due for payment by 31st January 2012. Where the payment is made late interest will be charged.
The first payment on account in respect of income tax and any Class 4 NI is also due for payment by 31st January 2012.

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