It’s common knowledge that the tax return filing deadline is 31 January after the end of the tax year. However, you may be subject to an earlier deadline that is fast approaching instead. When does this apply?
If you’re within self-assessment, you’re probably aware that 31 January each year is the filing date. However, it’s often overlooked that there’s an alternative deadline of 31 October. This applies if you intend to file a paper return. If that’s the case you only have until Monday to do it. At this late stage there’s a good chance that the return won’t be received until after the deadline. You might be able to appeal against the subsequent automatic penalty if you can show you had a reasonable excuse, e.g. if the return was late due to the ongoing postal strikes. However, if you haven’t sent it off yet, our advice is not to. Instead, use the additional three months for online filing to get set up for HMRC online services and file the return there.
This article has been reproduced by kind permission of Indicator – FL Memo Ltd. For details of their tax-saving products please visit www.indicator-flm.co.uk or call 01233 653500.