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Post Info TOPIC: Self Assessment Penalties
ADAS


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Self Assessment Penalties
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What is the SA penalty if someone files a return, say two years late?

I believe if someone is a year late they will be liable to  £100 + £900 + £300 + £300= £1600. Assuming the £300 was greater than 5% of the tax due. 

Does the total fine stop there or is there further penalties incurred for year two?



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Tony

Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
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Mad Liz


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I spoke to HMRC about a new client of mine who hasn't filed for three years. The new fines will not be retrospective, according to my contact, and if the client owes nothing for the year he is late he will probably have the fine cancelled. That will not be the case for any Return submitted late for 2010/11.

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Liz Needham FFA FIAB FFTA

Needham Accountancy Ltd
ADAS


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Thanks a lot for that Liz, it's exactly what I needed to know.

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Tony

Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
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gbm


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It's still business as usual, but it's going to get a lot more interesting next year. Or if not interesting, then messy, confusing, difficult with a few upset people.

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Regards,
Nick

Website: www.gbmaccounts.co.uk
Twitter

Factsheet | Starting a Business

 
ADAS


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Hi Nick

Are you referring to new penalty regimes or HMRC's approach in general? They seem to be a lot "tougher" to deal with. On a different subject, I read your blog about the tax saving....very satisfying for you and the client !!

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Tony

Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
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