Wednesday 23 January 2013

Tax event due on February 1

The following Tax Events are due on 01 February 2013:
Additional penalty for failing to submit your 2010/11 self assessment return. Additional 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.
If your 2010/11 self assessment return is still outstanding further penalties are now due. This return was due for submission to HMRC by 31 January 2012. Where the return is more than 12 months late a further penalty is charged of £300 or 5% of the tax outstanding, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead.
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 your self assessment return on your behalf you need take no action.

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