Tax Chat

Those individuals who have not been asked to complete a tax return and who have income tax or capital gains tax due for the tax year 2010/11, have until 5 October 2011 to notify HMRC of their liability to tax.

If HMRC is not notified by this date then the individual may be liable to a tax linked penalty of up to 100% of the unpaid tax liability.  This penalty can be mitigated by paying any tax outstanding on or before 31 January 2012.
 
Also, those of you who leave your tax return until the last minute need to make sure that your 2010/11 return is submitted by the deadline of 31 January 2012 to avoid the late filing penalty of £100.  As this is the first year the late filing penalty will not be reduced to nil if all the outstanding tax is paid by 31 January 2012.
 
For further information or to discuss, please contact Lesley Sutton on 01484 550037 or taxchat@revellward.co.uk