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.
