Self-assessment deadline approaching

Self-assessment deadline approaching

The deadline for those who complete their self-assessment tax return on paper is approaching fast, warns the Association of Chartered Certified Accountants (ACCA). Forms must be returned to the taxman by 31 October.

Following the government’s changes to child benefit for higher rate tax-payers and the rapid increase in self-employed the number of people required to complete self-assessment returns has increased dramatically. If you normally submit your return in paper form you have to make sure it’s with HMRC (Her Majesty’s Revenue and Customs) by the end of the month.

Chas Roy-Chowdhury, ACCA head of taxation, said: “While the majority of people now complete their return online there is still a sizeable number who choose the paper method. It’s important you get your return in on time, even if you believe you have no tax to pay. Returns up to three months late will incur a fine of at least £100.

“As well as making sure your return is on time, make doubly sure the information is correct. HMRC will fine or even look to prosecute you if they believe you have deliberately given incorrect information. If you are unsure I would always recommend seeking the services of an ACCA accountant. The up-front cost of an accountant will likely be less than that of a fine for getting it wrong. Remember this deadline exists even if you have no tax to pay.

“The paper deadline is particularly important this year for those using older computers and browsers, as HMRC systems will now only allow filing of online returns through more recent technology. While the move to more secure browsers is a sensible one, it may come as an unwelcome shock to those who might be faced with upgrading technology that they don’t really understand or feel comfortable if they miss the paper deadline.”

Visit: https://www.gov.uk/self-assessment-tax-returns/overview for more details on self-assessment.