Lakshmi Narain sets out some key tax issues for advisers to consider this month.
SA return penalties: the 30 April deadline
Taxpayers who complete self-assessment returns will be well aware that the automatic penalty for failing to file online by 31 January is £100. They may however be unaware that if their returns have still not been filed by 30 April they will cross the line into a new penalty area. Under FA 2009 Sch 55 para 4 as soon as a return becomes three months late an automatic £10 per day penalty kicks in and runs for 90 days. The days of HMRC having to appeal to the First-tier Tribunal to impose a daily penalty are well in the past. Still harsher penalties await if the failure to file continues beyond the...
