on 1st feb (last date was 31st jan). After the calculations the HMRC owes me money (not the other way 'round). Will I still be penalised 100 quid for submitting the return late?
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Submitted Self Assessment Tax Return a day late
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You'll have to pay the penalty, but later in the year they'll refund itDoing the needful since 1827Comment
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Originally posted by amcdonald View PostYou'll have to pay the penalty, but later in the year they'll refund itComment
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I believe that the penalty cannot be more than the tax owed. Although I also believe HMRC are changing that soon...Older and ...well, just older!!Comment
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They're proposing the fixed penalty will be £100 for this current years tax return if it is filed late in 2012 i.e. no longer capped to the tax amount due.
Another linky HM Revenue & Customs: Penalties for late filing of returns and late payment of tax and harmonisation interestComment
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Originally posted by Craig@InTouch View PostI would suggest not paying the penalty, appeal the penalty to have it reduce to NIL and no money has to change hands.Comment
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