Sole trader – Penalties & Interest for late returns (2011/12)?

TomWaitsFan

I had a brief, unsuccessful stint as a sole trader between April 2011 and February 2012. For a few reasons (financial and personal) I didn’t make a tax return for either year.

I know I only have myself to blame here, but I want to make things right.

My taxable earnings after expenses were very low – just under €2000 in 2011 and about €1300 in 2012.

I had no other income during these two years, except for Jobseekers Allowance from April 2012 onwards - is this taxable?

I’m getting pretty anxious about the penalties/ fines/ interest that I might need to pay.

Am I correct in thinking that there will be a penalty of 10% of the tax due?

Apart from this, what other penalties will be due? I have read of a daily rate of interest. What is this rate, and is it also based on the tax due?

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I've one other question – as I was sole trading for the first time in 2011, was my 2011 return due on 31/10/12 or 31/10/13, i.e. do I need to complete two separate returns?

Thanks in advance.

Mr. Incognito

Contact a professional. The internet is not the appropriate forum for this type of advice.