TaxAssist Accountants - HMRC warns self assessment tax return is approaching

HMRC warns self assessment tax return is approaching

Date: 19th August 2008

HM Revenue & Customs (HMRC) has reminded people that the deadline for paper copies of self assessment tax returns is October 31st.

It said that this meant that people planning on completing the paper form needed to "get organised now".

HMRC added that missing the deadline could result in a £100 penalty.

According to the organisation, people opting for a paper tax return need to start thinking about the information they will need to complete the forms, including the likes of the P60, self employment accounts, records of savings and investments and details of any untaxed income.

A statement from HMRC added: "Alternatively, you could switch to online filing.

"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."

HMRC added that the deadline for online returns is January 31st. By this date, any money owed also needs to have been paid, regardless of whether the form was filled in online or as a hardcopy.

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