Business News 18 Jan 2013

Taxpayers reminded of impending self assessment deadline

HM Revenue & Customs (HMRC) is reminding taxpayers that they must file their 2011/12 self assessment tax return online, and pay any tax due, by midnight on 31 January 2013.

Failure to submit the self assessment tax return by the deadline will result in an automatic £100 penalty.

The penalty applies even if there is no tax to pay, or where the tax due is paid by 31 January.

A series of additional penalties applies where tax returns are three, six and twelve months late, adding up to a potential penalty of £1,600.

Read more at http://tinyurl.com/9ngfbj8