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Draft Appointed Day Order for Income Tax Self-Assessment (ITSA) late filing and late payment penalties published

HMRC has published a draft order which deals with the new late filing and late payment penalties for Income Tax Self-Assessment effective from 6 April 2011.

This will enact the late payment and filing penalties contained in Schedules 55 and 56 of Finance Act 2009 and is effective for late returns and payments for the tax year ended 5 April 2011 et seq.

Readers should note that the first tax period affected will therefore be ITSA returns for 5 April 2011 and the first tax payment affected is the 2nd payment on account for 2010-2011 due 31 July 2011.

The draft order can be accessed at http://www.hmrc.gov.uk/drafts/draft-itsa-late-filing.pdf and Finance Act 2009 at http://www.legislation.gov.uk/ukpga/2009/10/contents