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Guidance for advisers to manage the 31 October self assessment deadline for paper returns is available on HMRC’s website.
The department reminds taxpayers about the new late filing penalties that will apply, regardless of whether there is no liability or the tax due is paid in full by 31 January 2012.
The new penalties will affect all self assessment tax returns from 2010/11. The fixed £100 penalty for failing to file a tax return on or before the filing date will therefore apply to:
- paper returns received on or after 1 November 2011; and
- online returns received on or after 1 February 2012.
Daily penalties of £10 a day will also take effect if the return is outstanding three months after the filing date, which means that for paper returns penalties will be imposed from 1 February 2012.
As a reminder, 2010/11 paper tax returns must be filed by 31 October 2011. Returns filed online must be submitted by 31 January 2012.
