The filing deadline of 31st October 2012 only applies to those taxpayers wishing to complete and submit a paper 2012 tax return. But taxpayers also have the alternative to file the tax returns online. The online filing procedure allows taxpayers to submit 2012 returns up until 31st January 2013.
But it is a good practice to complete your tax return as early as possible. Not leaving it until the last minute should avoid mistakes being made and allow you to consider any tax planning opportunities available.
Furthermore, you will know what your tax liability is ahead of the due date of 31st January 2013 and therefore, have more time to put some money aside and manage your cashflow better. Filing your tax return ahead of 31st January 2013, whether you file it electronically or in hardcopy, does not accelerate the due date for the tax either.
If you would like to discuss any aspects of your income tax affairs, please feel free to contact your local TaxAssist Accountant.
By Jo Nockels
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.