We have been working on the assumption that, unlike previous years, the provisions of the 2009 Finance Act meant that the £100 late filing penalty for self-assessment tax returns could no longer be avoided by paying all the tax owed for the year by 31st January of the following year. The legislation means that there is an automatic £100 filing penalty irrespective of whether all tax had been paid.
However, it now seems that the Treasury have not implemented this section of the Finance Act so this provision will not apply. In other words, provided you have no tax to pay for the 2009/10 tax year at 31st January, 2011, then the fine will be waived.
Please be aware that this concession is not available for members of a partnership where the partnership tax return is filed late. There is an automatic non-waivable £100 penalty for each partner.
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