With New Penalties Coming in, Missing Self-assessment Deadline Could Be Expensive, KPMG Warns
With HMRC bringing in new penalties for late submission of self-assessment tax returns, missing the deadline could prove very expensive, KPMG in the UK has warned.
“Even those who have no tax to pay will face fines of at least £100 for being just one day late – this could increase to £1,000 if returns are not submitted by end of July 2012”, said David Kilshaw, chair of private client advisory at KPMG in the UK.
“The 31 January deadline for submitting self assessment tax returns is fast approaching. The paper deadline of 31 October 2011 has past so they must be filed online to avoid the £100 late filing penalty,” said David Kilshaw
David Kilshaw warned that the new penalties might catch people unawares and warned that people need to make sure that they register to file online in time.
“This is the first year of this new regime so I expect that this will catch a few people out. Remember it takes up to 10 days to register for self assessment online so if you have not done so already, you will need to do that as soon as possible.”