Get your Paper Tax Returns in
HM Revenue & Customs (HMRC) has reminded business owners who intend to file paper self-assessment tax returns that they now have just three weeks left to submit them before the 31st October deadline.
If businesses miss the October cut-off date, they are required to file their return online, or pay a penalty of £100. Those intending to file their return online have until 31st January 2010 to submit their details.
For tax returns received by 31st October, HMRC will calculate any tax owing, inform business owners what must be paid and collect any sum less than £2,000 via their tax code. All outstanding tax payment must be made by 31st January, regardless of whether the return is submitted by paper or online.
After this date, daily interest will be charged until the amount is paid. If the balancing payment has not been received before 28 February, a 5% surcharge will be added to the amount outstanding in addition to interest.
A second five per cent surcharge will be added on 31st July if payment has still not been made.
The Association of Chartered Certified Accountants’ head of taxation, Chas Roy-Chowdury, urged businesses to allow plenty of time if they intended to submit a paper return.
“I would strongly recommend that if you need to file a paper return you get your skates on,” he said. “You need to check you have the correct form and take postal delays into consideration. If you miss the deadline you will either need to file electronically, or suffer a £100 late filing penalty.”
Aside from mailed returns, HMRC enquiry centres around the UK accept paper returns by hand.
For more information on how to complete a self-assessment tax form, contact 0845 900 044 or visit www.hmrc.gov.uk
To find your local HMRC enquiry centre, visit www.hmrc.gov.uk/sa/sa-3110-paper-returns.htm