Taxpayers who have yet to file tax returns for 2009/10 have a week left to take advantage of reduced penalties for late returns.
Under HMRC's tax return initiative, outstanding tax returns up to and including 2009/10, if submitted before 2 October 2012, will be subject to reduced penalties, even though new penalties for late tax returns have already come into effect.
“Time is running out, so taxpayers with tax returns outstanding should act immediately if they wish to keep the weight in their wallet and off of their shoulders,” Baker Tilly said.
Under the new rules a penalty of £100 is charged when a return is just a day late. When the return remains outstanding after 3 months, a daily penalty of £10 is levied for up to 90 days. When th...