Huge Tax Penalties ahead for Late Filing

With the summer stretching out before us the last thing on the mind of many people will be getting their tax return done. But it’s worth remembering the massive increase in penalties for late filing.

For 2011/12 there’s a new set of automatic penalties which are a real deterrent. For example, someone filing their return on 31 July 2012 (six months late) will owe a whopping £1,000 in penalties – plus a further £300 or 5% of the tax owed (whichever is higher).

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