Self Assessment Tax – new regime significantly increases penalties for late filing

January 4, 2011

For the tax year 2011/12 there is a new penalty regime for late filing of tax returns and the late payment of tax.  Under the new regime penalties for filing a tax return six months late could exceed £1,300.

The new penalties – late returns

HM Revenue &Customs (“HMRC”) considered that the old penalty of £100 did not act as a deterrent for late filing of tax returns.  The new penalties for late filing of tax returns are as follows:

The new penalties – late filing

Penalties for paying your tax late are as follows:

For further information or to discuss the issues raised, please contact Guy Abbiss, Stephen Wright or Bina Gayadien  on +44 20 3051 5711


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