By Armstrong Watson

1st November 2012

Tax Return Deadline Approaching

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The filing deadline for paper copies of your Self Assessment tax return for 2012 was 31 October 2012. If you file a paper return after this date penalties will apply.

If we prepare your return it will be filed electronically, the deadline for electronic filing of 2012 Self Assessment returns is 31 January 2013.

If you have not yet sent us the information we will need to complete your return, could you attend to this as soon as possible. The penalties for late filing are now rigorously enforced by HMRC. If the filing deadline is breached you will be facing the following charges:

1 day late - A penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe.
3 months late - £10 for each following day - up to a 90 day maximum of £900. This is as well as the fixed penalty above.
6 months late - £300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.
12 months late - £300 or 5% of the tax due, whichever is the higher.

In serious cases you may be asked to pay up to 100% of the tax due instead. These are as well as the penalties above.
These penalties will apply in addition to interest and surcharges for late payment of any tax outstanding.

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Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is James Watson House, Montgomery Way, Rosehill, Carlisle, CA1 2UU where a list of members is kept. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Unless otherwise indicated, either expressly or by the context, we use the word “partner” to describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such.

Armstrong Watson Audit Limited is registered to carry out audit work in the UK by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales, number 8800970. The registered office is James Watson House, Montgomery Way, Rosehill, Carlisle, CA1 2UU. Armstrong Watson Audit is a trading style of Armstrong Watson Audit Limited.

Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is James Watson House, Montgomery Way, Rosehill, Carlisle, CA1 2UU. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited. Armstrong Watson Trustees Limited is a limited company registered in England and Wales, number 84495656. The registered office is James Watson House, Montgomery Way, Rosehill, Carlisle, CA1 2UU.

MyRetirement is a trading style of Armstrong Watson Financial Planning Limited.

Armstrong Watson is a trading style of Armstrong Watson LLP, Armstrong Watson Audit Limited and Armstrong Watson Financial Planning Limited.