self assessments

Self Assessment

Tips for Self-assessment Tax Return

The paper self assessment tax return deadline is just around the corner. Anita Monteith, Technical Manager of the ICAEW Tax Faculty, has the following advice for the more than nine million people who are required to file a tax return. “With very little time now left before the new deadline for filing your self assessment on paper (31 October), it’s important to get all the relevant papers, forms and information together to make completion of the tax return as smooth a task as possible. “The tax return also looks different this year so it’s important that those required to file a self assessment don’t leave it until the last minute, as getting familiar with the new forms might take a bit of extra time, although in general they are simpler,” TOP TIPS Do yo... »

Tax Returns

Owners face £100 fine for missing deadline

HM Revenue & Customs (HMRC) has warned business owners who intend to file paper self-assessment tax returns that they must do so before the new deadline of 31st October or face an automatic penalty of £100. Self–employed entrepreneurs filing paper returns could previously file up to 31st January, but the extra three months are now only given to people filing their self–assessment online. The new deadline is part of a drive by HMRC to encourage business owners to switch to online filing. Last year, 3.8 million people filed an online return – an increase of almost a million over 2006. HMRC has also called on business owners who stick to the old paper filing system to start collecting the documents they need in good time, including their P60s, self–employed a... »