Increased penalties on personal tax returns
Date: Friday 20th April, 2012
Author: Cathy Corns
Profile: Cathy Corns
The automatic penalty for failing to file personal tax returns by 31 January was £100.
You should, however, be aware that if returns have not been filed by 30 April an automatic £10 per day penalty kicks in and runs for 90 days. Still higher penalties are due if the failure to file continues beyond the end of July, up to a tax-geared amount of 5% of the liability shown on the return (or £300 if greater).
Keywords: penalties,personal tax returns
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