Wednesday 18 July 2012

Tax events due on August 1

The following Tax Events are due on 01 August 2012:
Additional penalty for failing to submit your 2010/11 self assessment return
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. The 2010/11 return was due for submission to HMRC by 31 January 2012. Where the return is more than six months late a further penalty is charged of £300 or 5% of the tax outstanding, whichever is the higher.
If we have already dealt with this matter on your behalf you need take no action.
Second 5% late payment penalty on any 2010/11 outstanding tax due on 31st January 2012 still remaining unpaid
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.
The balance of any outstanding income tax, Class 4 NI and capital gains tax for the year ended 5th April 2011 was due for payment by 31st January 2012. Where any of the liability is still outstanding a 5% late payment penalty will be added to the outstanding liability. Interest is also charged on any late payments.
If we have already dealt with this matter on your behalf you need take no action.

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