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Press Release - Company Tax Return Form Penalties 16 April 2008 The Income Tax Division of Treasury would like to remind officers and agents of all companies with accounting periods ending after 6 April 2007 that they must file their income tax return form for that period within 12 months and one day from that date (i.e. the date the accounting period ended) or be charged a £250 late return form penalty. The new powers provided by the Income Tax (Corporate Taxpayers) Act 2006, have standardised the return form filing period for all companies. Submission of forms on time helps the income tax system work effectively and efficiently. The first late return form penalties under these new powers have been issued for companies with accounting periods ending on 6 April 2007, if the income tax return for that period had not been submitted by 7 April 2008. Further details on the operation of the late return form penalty system for companies can be found in Guidance Note GN38 “The Pay & File Income Tax System for Companies” on the Income Tax Division website. Malcolm Couch Assessor of Income Tax More stories >>>
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