The new deadline for submission of self
assessment tax returns for
Individuals
and
Partnership business is fast approaching. Paper returns
must be submitted by 31 October 2008 to avoid penalties, 3
months earlier than in previous years.
A common misconception at the moment is
that the deadline has been extended by a month from 30
September to 31 October, this is not the case. In previous
years there were no penalties if paper tax returns were
submitted by 31 January, as long as you also calculated and
paid any tax due by that date. From this year the paper tax
returns have to be submitted 3 months earlier and any tax
due is still payable by 31 January 2009. Paper returns that
are filed after 31 October will normally incur a late-filing
penalty of £100.
Deadline for
filing tax returns online is 31 January 2009. Customers
should not wait till the last day to file their returns as
firstly, there are known issues with the HMRC online
services which could result into failure of online
submission of returns. Where a reasonable excuse exists,
HMRC may accept an appeal and remove the penalty for the
late submission of a paper return once they have reviewed a
written ‘claim for reasonable excuse’. Secondly, HMRC
systems may be ‘clogged’ as it has happened in the past.
For an individual tax payer who wishes to have their
outstanding tax liabilities of less than £2000 collected via
their tax code rather than pay the full amount by 31 January
2009 will have to submit their returns online by 30 December
2008.
Andica provides software for preparation,
calculation of tax and submission of online filing of tax
returns for Individuals
SA100 and all supplementary forms and for Partnership
business
SA800 and all supplementary forms.
