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New Self Assessment Penalties

Details: Category: July 2011

There has always been a £100 penalty if your Self Assessment Tax Return was late, but if the amount of tax was under £100 it was restricted to the amount due. From April 2011 this has changed to the following much harsher regime. PLEASE TAKE NOTE and let us have your records early.

1 day late	A fixed penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe.
3 months late	£10 for each following day - up to a 90 day maximum of £900. This is as well as the fixed penalty above.
6 months late	£300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.
12 months late	£300 or 5% of the tax due, whichever is the higher. In serious cases you may be asked to pay up to 100% of the tax due instead. These are as well as the penalties above.

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