HMRC Business record checks have been put on hold. HMRC will be reassessing the system of business record checks in 2012/13, but no further checks will be scheduled and carried out.
For more information, please see: Business Records Check
HMRC have added three new campaigns against tax evaders for the following groups:
- Construction & Building
- Direct Sales
- Individuals who fail to complete tax returns (aimed at higher rate taxpayers)
For more information, please see: Targeted Groups
Individuals that are late to file their Self Assessments will receive penalty notices from 17 February 2012. It is not yet clear whether the returns filed on 1st & 2nd February will be treated as late returns. HMRC have also announced that they will reverse any automatic penalties should individuals call them to successfully explain that they should not be included on the SATR (Self Assessment Tax Return) system for 2010/11.
For more information, please see: Penalty Notices
- The official HMRC rate of interest remains at 4%. This has applied since 6 April 2010 and will remain unchanged until at least the end of the 2012/13 year.
Some interesting facts regarding the tax return filing deadline:
- 9.45m SATRs were filed on time this year
- 7.65m (80.9%) of these were filed online.
- 445,000 SATRs were filed on 31 January 2012
- 37,460 returns were filed between 4pm & 5pm on 31 January 2012.« Back