2004-2005 Return

[Peterwi]

My only income for the 2004-2005 tax year was 45 pounds net bank interest.

1) Do I need to submit a return given no tax is payable.
2) If so when should it be submitted? Jan 31?
3) If it is submitted after deadline Jan 31 would there be a penalty.

Thankyou

[deanshepherd]

If you have been issued with a tax return then you have to complete one.

It has to be submitted by 31st Jan.

There is normally a £100 penalty for late submission. However, if you have no tax liability then the penalty will be waived.


Dean Shepherd
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk

[Lee Young]

If the net interest was your only income for the tax year then you will be able to recover the tax paid on that interest.