Business News 27 Jan 2012

Self assessment deadline 'extended' for two days

Taxpayers who file their self assessment tax return online on 1 or 2 February will not be penalised, HM Revenue & Customs (HMRC) has confirmed.

The announcement follows planned strike action by Revenue staff on 31 January. The resulting staff shortages could mean that taxpayers who have queries about their tax return are unable to obtain assistance.

Under HMRC's new, tougher system of penalties, taxpayers failing to file their tax return online by the 31 January deadline would normally be subject to an immediate penalty of £100. The fine applies even if there is no tax to pay, or the tax is paid on time. for more details please go to http://tinyurl.com/7l9sads