MAKING YOUR MONEY WORK HARDER!
Weston-super-Mare based tax and accountancy specialist John Mayer advises on;
October Self Assessment Filing Deadline
Q: I have received a letter from HM Revenue & Customs reminding me that I need to file my self assessment tax return by 31 October. I do not have all of the information together yet, so am not able to complete it - is there a way I can avoid a late filing penalty?
A: The filing deadline of 31 October 2010 only applies to those taxpayers wishing to complete and submit a paper copy 2010 tax return. The online filing procedure allows taxpayers to submit 2010 returns until 31 January 2011.
There are other important deadlines that need you should also be aware of for self assessment. Where a taxpayer receives a new source of income which is not fully taxed at source, or where capital gains have arisen during a particular tax year, HM Revenue & Customs must be notified by 5 October after the end of the tax year.
Where a taxpayer has an underpayment of tax of less than £2,000 for 2009/10 and they have employment or taxed pension income, they can ask for that underpayment to be collected through the PAYE code for the tax year 2011/12. This means that the taxpayer settles the liability each month through the PAYE operated on their employment/pension income from 6 April 2011 to 5 April 2012, instead of having to pay the full liability by 31 January 2011. If you wish to settle a liability through your PAYE code, your self assessment return must be filed by 31 December.
If you would like to discuss any aspects of your self assessment return, please ask your local TaxAssist accountant who will be happy to help.
Disclaimer – advice shared in this column is intended to inform rather than advise and is based on legislation and practice at the time. 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 column, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
