Submitted Self Assessment Tax Return a day late

[theroyale]

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?

[TykeMerc]

Quite possibly unless you can provide a reasonable mitigation.

[Craig@Clarity]

Your penalty should be reduced to zero as there is no tax due.

[amcdonald]

You'll have to pay the penalty, but later in the year they'll refund it

[Craig@Clarity]

You'll have to pay the penalty, but later in the year they'll refund it

I would suggest not paying the penalty, appeal the penalty to have it reduce to NIL and no money has to change hands.

[ratewhore]

I believe that the penalty cannot be more than the tax owed. Although I also believe HMRC are changing that soon...

[Craig@Clarity]

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 interest

[theroyale]

I would suggest not paying the penalty, appeal the penalty to have it reduce to NIL and no money has to change hands.

Thanks...