Deadline approaching for paper Tax Returns

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Welcome to this monthly Accounting News bulletin from DG Accountancy Services (http://www.businessbods.co.uk) bringing Small Business' news and information from the business world, as it happens!

Wednesday, 14 October 2009

Individuals are being reminded that they have until 31 October to file their paper Tax Return.

HM Revenue and Customs (HMRC) is alerting people to the impending deadline, which is now just weeks away.

Those who miss the deadline will need to file electronically, or incur a £100 late filing penalty. Any paper Returns submitted after this date will also miss the deadline for HMRC to calculate the amount of tax owed, meaning the tax will have to be worked out by the taxpayer themselves.

If the tax that is owed is less than £2,000 it can be collected through the individual’s tax code where possible.

Meanwhile, online Returns may be submitted up until 31 January 2010. Once again, electronic Returns submitted after the deadline will attract a penalty, with further charges possible if the Return remains outstanding.

This is the second year that the 31 October paper deadline has been in place. Previously, the deadline for filing both paper and online Tax Returns was 31 January.

It was hoped the change would encourage more people to file their Return online and thus reduce the Revenue’s costs. The new rules marked the most significant reform of the self assessment tax system since its introduction more than a decade ago.
We can help you prepare and file your Tax Return with HMRC – please contact us more information and advice.

posted by BusinessBods.co.uk @ 06:29

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