New rules on tax return penalties
In broad terms, the new rules for returns filed on or after 1 April 2009 provide for a moderate penalty of up to 30% for failure to take reasonable care, higher penalties of up to 70% for deliberate understatement and still higher penalties of up to 100% for deliberate understatement with concealment. Taxpayers found to have made a genuine mistake will not be penalised. The deadlines for the filing of 2008/09 self-assessment tax returns are summarised below:
| Notice to complete sent on or before 31 July 2009 | Notice to complete sent after 31 July 2009 | |
| File paper return (tax owed of less than £2,000 can be collected via PAYE) | 31 October 2009* | 31 October 2009 or three months after the issue of the notice if later. |
| File online (tax owed of less than £2,000 can be collected via PAYE) | 30 December 2009 | 30 December 2009. |
| File online (no facility for collection of tax owed via PAYE) | 31 January 2010* | 31 January 2010 or three months after the issue of the notice if later.* |
*Automatic £100 penalty if a return is filed after this date.
Useful Information
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Summer Budget 2010 Information on the Chancellor's new budget.
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Tax, Vat & Accountancy Tips - Summer Newsletter Summer 2010 Newsletter.
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