The deadline for filing self-assessment tax returns online is 31st January (extended until midnight on 2nd February this year due to strike action by the public sector union PCS).
If you have any self-employed income, or you have a high income from savings, and you didn’t submit your tax return for the financial year ending in April 2011 in time, you will be fined £100 by HMRC unless you have a reasonable excuse such as bereavement or theft of documents.
Figures show that 1.1 million taxpayers are facing the £100 penalty for missing the deadline. If they don’t pay after 3 months, the fine will increase by £10 a day up to a maximum of £1,600.
This is actually the lowest number of late tax returns since online filing was introduced introduced (last year it was 1.4 million, and the year before it was 1.6 million).
A record 9.45 million forms were submitted on time. Roughly 1.8 million were filed by post by 31st October, and another 7.65 million were filed online before the deadline.
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