Tax Return Deadline Looms

John

If you need to submit a tax return for 2010/11 you should get a move on. The deadline for submission is midnight on 31 January 2012.

This year it is even more important that you submit your return on time because HMRC have changed the way they charge penalties for non submission of a tax return. Previously, any penalties charged would be cancelled if, when a return was eventually submitted, no tax was actually due. From this year, penalties will be charged even if no tax is due. You could therefore find yourself owing the taxman, even if you have paid your tax in full or he owes you a refund. The penalties are cumulative, starting at £100 – but can quickly reach much higher amounts. This is the table of Late Filing Penalties from HMRC’s website:

These penalties are in addition to any penalties which might be incurred for non payment of tax.

If you fit one of the following categories, you are likely to have to complete a tax return:

Self Employed - This includes subcontractors in the building trade who may be having tax deducted via the CIS Scheme but will still need to complete a tax return.

Landlords – Anyone who rents a property, even if you don’t make a profit, is required to complete a tax return.

Anyone on PAYE with a company car or other benefits – Where you receive benefits of any kind such as a company car, medical insurance you are likely to have to complete a tax return.

Company Directors – Most company directors should be completing and submitting tax returns.

If you have been asked to complete a tax return but haven’t done anything about it, our advice is to get a move on. We have a little bit of capacity but cannot guarantee completion of returns by the deadline unless the information is received pretty quickly. Don’t delay – Act today.

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