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Let PayStream help you avoid a £100 personal tax fine

Paystream News

David McManus

Wednesday 23rd Nov, 2011

If you haven't already completed a 2010/11 personal tax return then your only option now is to complete the return online and this has to be done by 31 January 2012. This is also the date on which contractors have to make the balancing payment of personal tax for 2010/11 and the first payment on account of their 2011/12 personal tax liability.

An added incentive from HMRC to pay and file on time comes in the form of a new penalty regime!

The impact of these new, stiffer penalties, come into force for 2010/11 personal tax returns filed late and 2010/11 tax paid late meaning that filing your tax return on time is now more important than ever before.

Late Returns attract an initial £100 fixed penalty, which will now apply even if there is no tax to pay or if the tax is paid on time. There are new daily £10 penalties if the Return is 3 months late and even harsher penalties for delays of 6 months or 12 months.

Paying your personal tax late by 30 days can result in a penalty of 5% of your tax bill. This is compounded by a further 5% surcharge at 6 months and 12 months as well as interest which is charged up to the date of payment.

To help you avoid these new penalties PayStream's Personal Tax Team are happy to assist you in preparing and filing your Return on time and advising you of the amount of tax which you may have to pay in plenty of time. We can also advise you on any problems you may be having which arise from overdue Returns.

For more information on our Personal Tax team and the services they offer you can contact them on 0161 929 6000, option 4, or visit here to request a call back.
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