Self-assessment deadlines have changed – don’t be late!

H M Revenue & Customs (HMRC) are working hard to encourage businesses and individual taxpayers to file online to help them become more efficient and effective.  As part of this strategy they have changed the deadline if you wish to continue submitting a paper Return.

j0434804Generally, if you are sent a notice to complete a Tax Return you must return it completed before the later of 31 October following the end of the tax year and three months following the date of issue of the notice. Failure to do so will result in a £100 penalty regardless of the tax due. This is a significant change, so beware. (£100 per partner if the Return relates to a partnership)

For paper returns submitted by this date, HMRC will:

  • calculate your tax for you (though you or your accountant can calculate it for yourself if you want)
  • tell you what to pay by the following 31 January
  • collect tax through your tax code (if possible) where you owe less than £2,000.

Returns sent via HMRC’s website or an electronic service provided by your accountant may be submitted up to 31 January.  There are many advantages of electronic submission which all our clients benefit from, the main ones being:

  • Tax Returns are processed almost immediately and an acknowledgement of successful submission is provided.
  • Your liability is calculated automatically and any refund due is issued by the system direct to your bank account.  Typically this occurs within 10 working days and saves banking and postage costs/time.  Manual processing can take weeks, sometimes months.
  • PAYE coding notices are updated and re-issued without delay (if appropriate)
  • The lack of ‘human’ intervention prevents processing errors and re-enforces the process now, check later strategy intended for Self-Assessment

There are a few situations where online tax returns can’t be made. In these cases the submission deadline is 31 January.Its about Time Series II

Companies House deadlines and penalties have changed too…..

If you operate your business through a Limited Company please be aware that the accounts filing deadline has been reduced by one month for accounting periods beginning on or after 6th April 2008.

A private company now only has 21 months from incorporation or in subsequent years nine months from its’ accounting period end to submit financial statements to Companies House.

From 1st February 2009 the late filing penalties imposed by Companies House have also become a lot more onerous.

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If your accounts or Tax Returns are not up to date,

call us for a free no obligation consultation. 01480 426500

The information provided in this blog illustrates my opinions and experiences, it does not constitute advice and I do not accept responsibility for any actions taken or refrained from as a result of reading this post.

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