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Agent Update flags fixed late filing penalty

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HMRC’s latest Agent Update highlights a key change to penalties for late filing of self assessment tax returns.

‘If your client misses the self assessment filing deadline this year they will be immediately liable for a £100 late filing penalty. The penalty will apply even if there is no liability or if any tax due is paid in full by 31 January 2012,’ HMRC said. The new penalties regime is set out in FA 2009 Sch 55.

The fixed penalty will apply to:

  • 2010/11 paper returns received on or after 1 November 2011, and
  • 2010/11 online returns received on or after 1 February 2012.

Agent Update issue 25 is available on the HMRC website.

HMRC have also published guidance for tax agents to help manage the 31 October deadline, and detailed guidance on tax return deadlines and penalties.

They have invited comments on a draft order to bring the new late filing penalty regime into effect from  6 October for Construction Industry Scheme returns.