HMRC issue next round of self assessment penalties
According to HMRC approximately half a million people still have not submitted their 2010/11 tax returns. HMRC have started to issue additional penalty letters to these individuals.
HMRC have advised that the number of outstanding returns has almost halved in 2012, down to 5.9%, compared to 10.7% in 2011. This means 518,000 fewer penalties are being issued.
The penalties being issued will be for a minimum £1,200, comprising:
- the maximum £900 in daily penalties for non-filing
- a further late filing penalty of £300 or 5% of the tax due (whichever is higher).
People who receive a late filing penalty can appeal against it if they think they have a reasonable excuse for not sending in their tax return.
Also anyone receiving a late filing penalty and who has not sent in a return, but thinks they do not need to be in self assessment, can still potentially apply to be taken out of self assessment. If HMRC agrees, the return and any penalties issued will be cancelled.
HMRC has confirmed that they have taken 273,000 people out of self assessment this year.
Please do get in touch if you have any concerns in this area.
Internet link: Press release