Penalties for filing a late 2011 Tax Return

2011 Tax Returns must be filed by 31 January 2012. From April 2011, if a Self Assessment Tax Return is filed late or tax paid late, then the following penalties will apply:

Penalties for filing late

One day late and you will be charged an initial penalty of £100 (even if you have no tax to pay or you have already paid all the tax you owe).

Three months late and you will be charged an automatic daily penalty of £10 per day, up to a maximum of £900.

Six months late and you will be charged further penalties, which are the greater of 5% of tax due or £300.

Twelve months late and you will be charged yet more penalties, which are the greater of 5% of tax due or £300.  In particularly serious cases you face a higher penalty of up to 100% of the tax due.

Penalties for paying late

Thirty days late and you will be charged an initial penalty of 5% of the tax unpaid at that date.

Six months late and you will be charged a further penalty of 5% of the tax that is still paid unpaid.

Twelve months late and you will be charged a further penalty of 5% of the tax that is still unpaid.

…in addition to interest being charged.