Paper tax returns must be filed by the end of October or face a penalty, says HM Revenue & Customs

Many taxpayers now file their annual Self Assessment tax returns online over the Internet, and for them the filing deadline is 31 January. But many people still file paper returns and for the last few years - and as part of a policy that encourages online filing - HM Revenue & Customs has required paper returns to be submitted by the end of October, i.e., 3 months earlier. There is a standard £100 penalty for an individual's return if it is filed late; the penalties for partnership returns are generally higher, depending on the number of partners. Some of the more seasoned taxpayers, and many advisers, will be aware that if all of an individual taxpayer's liabilities have been settled by the due date of 31 January, the penalty is reduced to nil. HMRC is intending to introduce new penalties NEXT year, (for the 2010/11 tax return season), which will no longer be capped by reference to the liability outstanding at the end of January.

Article Added Thursday, 07 October 2010 | 928 Hits

Your attention is drawn to the disclaimer on this site, which applies to the content in this section.