Self Assessment penalties 2012(Deadline of 31 January 2012 for online submissions)

Some important changes to the penalty regime for 2012 Tax Returns as listed below.  Don’t be caught out, it could be costly!

Late Tax Return:

•  1 day late attracts a penalty of £100, even if there is no tax to pay, or the tax is paid;
• 3 months late attracts and automatic penalty of £10 per day, up to a maximum of £900;
• 6 months late; further penalty of the greater of £300 or 5% of the tax liability;
• 12 months late attracts a further penalty of the greater of 5% tax due or £300.

Late payment: 

• 30 days late and there is an initial 5% penalty as before, of the tax which remains unpaid;
• 6 months late attracts a further penalty of 5% of unpaid tax;
• 12 months late attracts a further penalty of 5% of any unpaid tax.