For those of you who have not yet let the tax department have your completed tax return questionnaire, this needs to be submitted without any further delay. Particularly this year, as the new penalty regime has started, which we blogged about earlier in the year. To remind you:
If your return is filed just one day late, there is an automatic £100 penalty that can no longer be reduced if you have less that £100 tax to pay.
After 3 months daily penalties of £10 are set up
After 6 and 12 months penalties based on a % of the tax paid in the year can be imposed.
As you can see, it is more important than ever to make sure everything is done and dusted as soon as possible, rather than waiting until the last minute, as you never know what problems may crop up to delay the returns being finished.