Self-assessment Tax Deadline Imminent
Self-assessment taxpayers have until midnight on Sunday to hand in their 2006-07 tax returns if they want Her Majesty’s Revenue & Customs (HMRC) to calculate their tax. There is no penalty for skipping the end of September deadline as there is still the midnight 31st January 2008 deadline, but these taxpayers will have to work out their own tax.
There are about 9 million self-assessment taxpayers, the majority being self-employed including company directors and partnerships. More complex taxes, including those earning money from the recent surge in buy-to-let properties, are also covered under this system.
Tax return forms for the financial year 2006-2007 can be submitted in paper format or by using the HMRC’s online services which have become increasingly popular with around 3 million taxpayers using the online service last year.
This year over a million self-assessment taxpayers have already filed their tax returns online.