AccountingWEB Self Assessment support 2011
Rebecca Benneyworth has put together our usual January resource of everything you need to know on self assessment. Check here first if you have any questions - we hope that we'll have covered it already!
Online filing
Due date and penalties
Continued...
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penalty cap
Someone has asked me to check the penalty capping arrangements for January 2011. The new penalty for late returns will come into force in October 2011, so will apply in January 2012 - so paying your tax will NOT remove a penalty next year. May be worth reminding clients about this year for the habitual late runners. This January for individual returns there is the usual capping rule if the tax is all paid by 31 January.
For more info HMRC's website has a page here.
old versus new system
The old rules impose a surcharge of 5% on any 2009-10 tax unpaid on 28 February 2011. Not on the payment on account for 2010-11.
From later in 2011 new penalties will apply. However, in this case the surcharge will be exactly the same as it is now so the new system will not see any change in this particular case - that is tax unpaid by 28 DFebruary for the previous tax year.
Congratulations
Just to say thanks - a brilliant summary so useful at this time!!