You must send your online tax return by midnight on Tuesday 31 January 2012. The only exception is if you received your tax return after 31 October 2011. If this is the case, you will get 3 months from the date the tax return was issued.
What happens if you miss the deadline?
If the 31 January deadline is missed, you will have to pay a penalty of £100. This is payable even if:
• your return is just a day late
• you have no tax to pay
• you pay all the tax you owe before 31 January 2012
The longer you delay, the more you'll have to pay.
If your tax return is 3 months late, there are extra penalties for each additional day it is late. If it gets to 6 months late, there are yet further penalties and another final penalty if it's 12 months late. Together these could add up to a penalty of £1,600 or more.
The paper return deadline has passed
It is too late to send in a paper tax return now - the deadline was 31 October 2011. There is an immediate £100 if you do and the daily penalties above will start even earlier. Send it online instead.
Not All Is Lost!
If you have not completed your 2011 tax return yet, give us a call at Accounting Matters on 01773 747990. We will do our best to meet the deadline and avoid unnecessary fines for you.
