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Is it time to panic about your tax return?

Do you need to file a tax return in October?

Thursday 15 October, 2015

I would imagine there are many of you who believe that October is not a very important month when it comes to tax, but that could be debatable depending on your circumstances.

October 31 is the final date in which you can submit your paper tax return, following this date tax returns will be subject to a late filing penalty of £100. Therefore in order to avoid the late filing penalty you will need to register with HMRC online at https://online.hmrc.gov.uk/registration/ and ensure you submit your tax return online before the due date of January 31.

Although many tax payers will submit their tax return by paper, I believe there is a real downside to opting for this method as HMRC will not acknowledge receipt of your tax return. Therefore if your tax return is lost and not received by HMRC you will not be aware of this until you receive your first late filing penalty notice. If however, you submit your tax return online you will receive an automatic notification of receipt.

Of course it is possible to submit your personal self-assessment tax return through the HMRC website using the government gateway, but it is not possible to submit all parts of the tax returns and therefore if you need to report income for a Ministers of Religion, non-resident or Trust income you will need to prepare a paper return.

In addition, if you are trading as a partnership you will also need to submit a paper tax return as this service is not available online.

However, if you have missed or believe you are going to miss the deadline and you do not want to be subjected to a late filing fee, then you can always speak to any of the team at Tax Matters who will ensure your tax return is fully completed and submitted to HMRC online before the next due date of January 31. Please feel free to call on 01442 828006 or email info@taxmatters.tax or simply complete the tax tips form on the website.