April 10th, 2013

How to get a £1,000 fine for submitting your tax return in April

If you have a tax return for 2011/12 still outstanding then it’s possible to get yourself landed with a £1,000 bill – just for sending it in late this month.

The deadline for submitting a tax return was 31 January 2013 but this only applies to tax returns submitted online. If you want to submit a paper tax return then the deadline was 3 months earlier – 31 October 2012. What this means is that if you submit a paper tax return in April you’ll get a £100 penalty for submitting after 31 October AND a daily penalty of £10 per day for every day after 31 January 2013 (when a paper return is more than three months late). Leave it to the end of April and your fine will be £1,000. Leave it until after then and you can add another £300 or 5% of the tax due – whichever is higher.

Of course, you can save a fortune just by submitting your tax return online.

You won’t be surprised to learn that if you do get a penalty for submitting a paper return then you can’t put this right by then submitting a return online!

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John manages a wide portfolio of owner managed businesses and oversees the smooth operation of the firm’s payroll department.

After obtaining his degree in mathematics from the University of Liverpool, John joined Jonathan Ford & Co in 2004 and qualified as a chartered accountant four years later. John likes to keep abreast of developments in tax and accounting and is responsible for the mentoring of junior staff.

Outside of work, John enjoys powerlifting and is a Liverpool FC season ticket holder.

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