tax returns

Business Owners Warned to File Tax Returns on Time

HM Revenue & Customs (HMRC) has warned business owners and the self-employed to file their self-assessment forms online by 31 January or face a £100 penalty. Business owners who are new to filing online can visit the HMRC website and click on Register for Self Assessment Online before 21 January. An activation code will then be posted within seven days. 31 January is also the deadline for paying any tax owed for the 2009/10 tax year. HMRC has warned that self-employed people who are unable to pay their bill in full and on time should contact the department as soon as possible. “The sooner you contact us the sooner we can begin working with you to find a solution.” said an HMRC spokeswoman. “We may, in some circumstances, allow you additional time to pay.” For mo... »

Small firms offered £75 to file tax returns online

> HM Revenue & Customs (HMRC) is offering small firms with less than 50 employees a £75 tax-free incentive to file their PAYE returns online before the 19 May deadline. Since November 2004, businesses with 50 or more employees have been obliged to file their PAYE returns online. Small-business employers can still file their returns on paper, but HMRC is encouraging them to switch to online filing by offering the cash incentive. Businesses that miss the 19 May deadline face a late filing penalty of at least £100 which increases each month past the due date. “Employers should file their Employer Annual Return now so they avoid a last-minute rush and any late-filing penalties,” said HMRC spokeswoman Sue Williams. HMRC’s online PAYE returns service applies qua... »

Tax Returns

HMRC urges business owners to file tax returns on time

Business–owners and the self–employed must ensure they file their online self–assessment tax return before the 31 January deadline – or risk receiving a £100 penalty, HM Revenue and Customs (HMRC) has warned. Those who send their tax return by paper, instead of filing online, could also receive a £100 penalty, as the new 31 October paper–filing deadline has already passed. HMRC spokesman Stephen Banyard said: “Don’t forget — if you are filing your return in January, you need to do it online. It is quick, secure and convenient, and if you have not filed online before there is plenty of help and support available.” Business owners who are new to filing online need to visit the HMRC website and click on ‘Register for Self... »

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... »