If you have to complete a tax return then there are a few things that you have to know. For example, you should know the tax return deadline dates, how to submit your Self Assessment tax return and what the penalties are for a late submission.
So, if you have yet to submit your tax return form for 2011 then make sure you keep reading to learn more.
Do you have to complete a tax return form 2011?
If you have to complete a 2011/2012 tax return you will normally have received this request from HM Revenue and Customs (HMRC) earlier in 2011. HMRC normally write to you in April if they think you have to complete a tax return.
This letter will also contain information about the 2011 tax return deadlines.
If you haven’t had such a letter and you think you may have to complete a tax return form 2011, you should contact them straight away. Similarly, if you have received a request to self assess but you don’t think you should, get in touch with HMRC without delay.
The deadline for completing your 2011/12 tax return
If you wanted to submit a paper tax return it had to have reached HMRC by midnight on 31 October 2011.
The only time you can submit a paper tax return after this date is if you received the request to submit a tax return after 31 July 2011. In this instance you have three months from the date that you received the letter.
So, if you haven’t submitted your tax return form 2011 yet, you will have to use HMRC’s online service. And, your online tax return must reach HMRC by midnight on 31 January 2012.
Bear in mind that there’s an earlier deadline of 30 December 2011 if you owe less than £3,000 in tax and you want HMRC to collect any tax you owe through your tax code. HMRC will try to collect the tax due through your code, but they can’t always do so.
If you received the letter telling you to submit a tax return form 2011 after 31 October 2011, you have three months from the date you received that letter to submit your tax return online.
The penalties for not submitting your return on time
If you don’t submit your tax return form 2011 online by 31 January 2012 then you are likely to face a penalty. If you miss the deadline then a fixed penalty of £100 will be levied. This applies even if you have no tax to pay or have paid the tax you owe.
For every subsequent day that your tax return is late you will be charged a penalty of £10 for each day – up to a 90 day maximum of £900. This is as well as the fixed penalty above and so if your tax return form 2011 is 90 days late you will face a total penalty of £1,000.