Late Tax Return Fines from May 1st

Watch out if your tax return for 2011/2012 has not yet been filed because an additional set of late submission fines is about to hit you. If your tax return is three months late (remember the fiing deadline was January 31st) , then HMRC will charge you £10 for every further day you are late. The only good news is that this round of fines is capped at £900, though it’s hard to see that as cause for rejoicing. And every three months from now on you will be hit by a further fines of £300 or 5% of the tax due, whichever is the higher. So, if you still haven’t filed that return, get it done soon or have an expensive May…and June, and July. And you might want to think about doing your 2012/2013 tax return at the same time.