As you may be aware, Monday 31 January 2011 was the final deadline for 2009-2010 self assessment tax returns. Throughout 2011, there are a number of key self assessment deadlines that we have noted below.
Monday 28 February 2011
Tax payers who have still not paid in full any tax owed for the 2009-2010 tax year will be automatically be required to pay a 5% surcharge on this particular bill. This is also in addition to the interest added on the amount that is owed.
Wednesday 6 July 2011
All employees who receive some form of benefit in kind – such as a company car, discounted or free medical insurance – should receive a P11D form from their employer by this date, detailing the benefits received during the tax year ending Tuesday 5 April 2011. In addition, the employer must also inform HMRC of the aforementioned benefits by the same date.
Sunday 31 July 2011
There are three penalties for not meeting this deadline. Firstly, anyone who does not file their tax return for the year ending Tuesday 5 April 2010 is liable to a second £100 penalty. Secondly, this day is also the deadline to pay your second payment on account for the current tax year. Thirdly, anyone who has not paid the tax due on Monday 31 January 2011 is liable to yet another 5% surcharge. Please note that you are exempt if at least 80% of your income is taxed at source or the total tax payable is less than £500.
Monday 31 October 2011
This is the deadline for those who wish to file a non electronic self assessment tax return. HMRC will calculate the tax due which has to be paid by the Tuesday 31 January 2012 deadline with a payment on account.
Tuesday 31 January 2012
This is the last date by which tax returns can be filed online for the year ending Tuesday 5 April 2011. Failure to file your online tax return will render you liable to pay a fixed £100 penalty – although currently you will not be required to pay any more than your outstanding tax bill. This day also serves as the deadline to pay any tax owed for the year ending Tuesday 5 April 2011. Lastly, the first payment on accounts is also due for the tax year 2011-2012.
If you would like help with handling the tax authorities, please contact us.
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