October Tax Return Deadline Looms
This month sees the return of the tax return deadline; will you have your affairs in order before midnight on October 31st?
It's October again and that can mean only one thing for businesses and individuals that file tax returns; deadline time.
Taxpayers have until midnight on October 31st to submit their paper tax returns to HM Revenue & Customs (HMRC).
There are few exceptions to this rule and HMRC has clarified that paper returns may only be submitted beyond this deadline if notification to file was received by an individual or organisation after July 31st. In such cases, the taxpayer has three months from the receipt of the notice. Also, paper returns that are being filed because no software for online filing is available or HMRC has said an organisation cannot file online must be completed no later than January 31st.
Those who have yet to get their receipts and other documents in order could be inspired to seek the advice of a specialist tax accountancy service. This would not only help to ensure that a business's tax affairs are all in order, allowing the owner to operate safe in the knowledge that they have no outstanding tax debts, but also help to avoid any of the penalty fines that are issued by HMRC for late filing of tax returns.
If a taxpayer submits a paper return at any point beyond the October 31st deadline – aside than for any of the above listed reasons – they will be issued with an automatic £100 fine. HMRC also warned that in cases of a late Partnership Tax Return, each partner is liable for a £100 penalty. A specialist tax accountant could also advise those who feel they will be unable to meet the deadline if they could qualify for a "reasonable excuse".
HMRC states: "You won't have to pay a penalty if you have a reasonable excuse for missing the deadline. There's no hard and fast rule on this but usually the delay must be completely due to an exceptional or major unexpected event that's outside your control."
The organisation cited losing documents through theft, fire or flood and strikes by Royal Mail as examples of excuses that may be accepted.
"If you've got a reasonable excuse you can ask for a penalty to be reconsidered. HMRC will look carefully at the information you provide and any other evidence that's available. You should make any claim as soon as possible - don't wait until you receive the penalty," the department added.
There are a number of documents that businesses and individuals will need to collate in order to submit their returns and those who feel they may be running out of time could benefit from contacting an accountant or registering for online filing as this could see them receive a deadline extension of three months. As part of the 'supplementary pages' section of the return, filers will need to submit any and all records relevant to their employment, their pension contributions or any pension payments they receive.
Documents showing any income earned from letting property or land and records of any capital gains or losses made during the tax year will also need to be submitted.
With the threat of penalty charges and the deadline looming ever closer, many taxpayers could be encouraged to seek professional help before time runs out
Posted by Jacob Williams
How we can help
Worried about completing your self assessment tax return? We can still help!
Contact us today to speak to your local TaxAssist Accountant.
Help and Advice
Contact us now so we can discuss your requirements; call us on: 0800 0523 555 Or fill in our Contact form and we will call you back.
