Tax Deadline Close
The date for tax returns is almost upon us. For those who do their personal tax either online or the old-fashioned paper way, the 30th September is a date pencilled in red in their diaries. For many it can be an easy task, a series of simple figures that are added together. For others it can be a more complicated event that is put off until the very last minute.
Self assessment, which started in 1996-97, now has record of 8 million people doing their own annual tax returns. If you complete the tax return before 30th September then your tax will be calculated for you (by far the easiest and safest option) and you will be told how much tax you have to pay, however if you are running late or feel confident in your knowledge of the tax system and its calculations, you must make sure your return is received by HM Revenue & Customs (HMRC) by no later than 31st January.
Declaring and paying your tax is a legal obligation so by making sure you stick to these dates, you will avoid being charged any financial penalties. Financial penalties start at £100 but will mount up the longer this remains unpaid or unchallenged. If £2000 or less is owed, HMRC will try and collect this through your individual tax code so you won't have to fork up a big chunk of cash, but instead will pay a % every month, which you will probably hardly notice on your payslip.
HMRC are trying to coax everyone to complete and file their tax returns online now. The benefits of this are you will be given your tax calculation straight away and do not have to rely on the postal system to get your paper return in on time which can reduce the stress levels that are experienced during this period. The coaxing is working - there were over 2.9 million online tax returns completed last year, almost three times as many than were submitted electronically the year before that. Everybody is different, so always obtain independent, professional advice for your own particular situation.
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The date for tax returns is almost upon us. For those who do their personal tax either online or the old-fashioned paper way, the 30th September is a date pencilled in red in their diaries. For many it can be an easy task, a series of simple figures that are added together. For others it can be a more complicated event that is put off until the very last minute.
Read on...
