Miss the deadline and pay penalty
THE Inland Revenue is bracing itself for the annual avalanche of self-assessment tax returns which will land on its desks this month. If you are one of the many thousands yet to return your form, the January 31 deadline is fast approaching. Failure to sub
THE Inland Revenue is bracing itself for the annual avalanche of self-assessment tax returns which will land on its desks this month.
If you are one of the many thousands yet to return your form, the January 31 deadline is fast approaching.
Failure to submit your tax return for the tax year ended April 5, 2005, by the end of January will result in an automatic £100 penalty.
So who must file an income tax return?
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* Anyone with self-employment income;
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* Anyone with property income.
It is too late to submit the return by post without you calculating your own tax - the deadline for submitting tax returns without including a tax calculation was September 30.
This means that you will need to prepare your own complex tax calculations.
However, submission of your return on-line by January 31 will still enable the tax to be calculated on your behalf, but you must have registered and received a password to be able to do this.
Registering now to file on-line may not allow enough time for passwords to come through before the deadline. Filing on-line is convenient and can be done at any time of day or night - 306 people filed on Christmas Day.
Bear in mind, too, that January 31 is also the deadline for payment of tax for the 2004/2005 tax year and the first payment on account for the 2005/2006 year if required. Late payment of tax is subject to interest.
Once the tax return is complete, financial records must be retained for five years after January 31 following the year of assessment for a taxpayer in business or for one year after January 31 following the year of assessment in all other cases.
The importance of filing your return on time reduces the likelihood of a Revenue and Customs inquiry into your tax affairs.
If you require help in completing your return or general advice, contact Helen Garrett on 01945 582547 or at Helen.firstname.lastname@example.org
* Next month: Starting up in business.