Chiefs’ warning over fines for late return of tax forms

TAX chiefs have issued a reminder about new penalties for late completion of self-assessment tax returns.

Every year, around 131,000 people in Edinburgh, the Lothians and Borders file a self-assessment return.

The deadlines remain unchanged – October 31 for paper and January 31 for online returns – but new penalties which come into effect this autumn will see an initial £100 fixed penalty, which will now apply even if there is no tax to pay, or if the tax due is paid on time.

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After three months, there is an additional penalty of £10 per day, up to a maximum of £900; after six months, a further penalty of five per cent of the tax due or £300, whichever is greater; and after 12 months, another five per cent or £300 charge.

Interest will also be charged on top of these penalties.

The changes will affect self-assessment returns for 2010-11, and all future financial years.