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| Tax return penalties – fear not (at least, not yet) |
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LITRG explain that, although penalties for late self assessment tax returns are changing from April 2011, you do still have plenty of time to submit yours. Received a tax return?If you are on HMRC’s list to receive a self assessment tax return for 2010/11, probably by now you should have received one (or a notice to submit one if you filed online last time). Section 7, ‘Do you need to complete a 2010/11 tax return?’, in LITRG’s April article gives you more information, including what to do if you think you might need to complete a tax return but haven’t received one from HMRC. The new penalties system for late tax returnsHMRC have posted an updated section on their website – Tax return deadlines and penalties – which gives more information on the new penalty system. But unfortunately, the initial communication of the changes from HMRC has not been entirely clear. LITRG have found that some people have already been worried about the new penalties by the flyer which accompanies 2010/11 tax returns. Confusion seems to have been caused by the flyer stating that the new penalties system comes in from April 2011, but not being immediately clear as to the return deadlines. This has caused some people to think that penalties will be due unless they submit their return immediately. However, the deadlines are not changing – you do still have plenty of time. Penalties will be charged only if you do not submit your tax return by one of the deadlines. For 2010/11 returns issued now these are:
LITRG plan to post further guidance on their website on the new penalties and your rights in due course. Meanwhile, their advice is to get started on your tax return sooner rather than later – ideally, as soon as you have gathered together all of the information you need. Useful linksMore guidance on self assessment on the LITRG website.
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About The Author The Low Incomes Tax Reform Group (LITRG) is an initiative of the Chartered Institute of Taxation to give a voice to those who cannot afford to pay for tax advice. LITRG comprises tax specialists from professional practice and the voluntary sector, from publishing and from HM Revenue & Customs, together with people from a welfare benefits and social policy background. Visit www.litrg.org.uk for further information. |
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Article Added Wednesday, 27 April 2011 | 1014 Hits |
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