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New SA deadline approaches |
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HMRC have issued a reminder to anyone filing a Self Assessment tax return this year - the new 31 October deadline for paper returns is only weeks away. The Self Assessment system for filing tax returns is now in its 12th year and it affects more than 9m people annually. Previously, both paper and online Self Assessment tax returns had to be filed by 31 January. But from this year, paper returns must be with HMRC by 31 October. A £100 penalty may be payable for late filing. The deadline for filing online returns remains 31 January. If you file a paper tax return, you therefore need to get organised now. For example, start thinking about what information you need to complete your return, such as your P60, self employment accounts, records of your savings and investments, and details of any untaxed income. HMRC are encouraging taxpayers to switch to online filing. Around 3.8m people filed online last year, up from 2.9m the previous year, while 4.5m people filed on paper. Registration is easy - visit the HMRC website at http://www.hmrc.gov.uk/sa and click 'Register for Self Assessment Online'. Filing your tax return online has a number of advantages - your tax is calculated automatically, you get an immediate online acknowledgement once you've filed, and it's processed faster, so any money you are owed by HMRC is repaid more quickly. Once you've filed your return, any tax due has to be paid by 31 January, whether you file on paper or online. Help and advice on completing your Self Assessment tax return is available on the HMRC website at http://www.hmrc.gov.uk/sa or from the Self Assessment helpline on 0845 9000 444, which is open seven days a week from 8am to 8pm.
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Wednesday, 20 August 2008 |
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