We would remind you that the deadline for submitting 2011 – 2012 Self Assessment Tax Returns is fast approaching.
All tax returns have to be submitted electronically by 31st January 2013. We would remind you that ALL sources of income should be included on your tax return, i.e. dividend income, rental income, and not just the profit from a sole trade/partnership or employment income.
If your return is late, you will be issued with an automatic £100 penalty, even if you have no tax to pay or if you pay all the tax you owe on time.
Interest and penalties are charged if you don’t pay the tax you owe for the previous tax year on time; the penalties charged are as follows:
|Length of Delay||Penalty to pay|
|30 days late||5% of the tax you owe at that date|
|6 months late||5% of the tax you owe at that date, as well as the 5% above|
|12 months late||5% of the tax you owe at that date, as well as the two 5% penalties above|
We would advise that Directors are legally required to submit a Tax Return. If you are a company Director and currently do not submit a tax return either personally, or through Curle & Co, and wish to do so, please contact us as soon as possible.