HM Revenue & Customs (HMRC) has issued a reminder to anyone filing a Self Assessment tax return this year that there’s now a new October 31 deadline for paper returns.
Previously, both paper and online Self Assessment tax returns had to be filed by January 31.
But from this year, paper returns must be with HMRC by the last day of October, or you could face a £100 penalty.
ŠThe deadline for filing online returns remains January 31.
HMRC says that if you file a paper tax return, you therefore need to get organised now. Š
For example, start thinking about what information you need to complete your return, such as your P60, self employment accounts, records of your savings and investments, and details of any untaxed income.
Alternatively, says HMRC, you could switch to online filing. To register, visit the HMRC website at www.hmrc.gov.uk/sa and click “Register for Self Assessment Online”. Š
Filing your tax return online has a number of advantages – your tax is calculated automatically, you get an immediate online acknowledgement once you’ve filed, and it’s processed faster, so any money you are owed by HMRC is repaid more quickly.
Once you’ve filed your return, any tax due has to be paid by January 31, whether you file on paper or online.
Help and advice on completing your Self Assessment tax return is available on the HMRC website at www.hmrc.gov.uk/sa, or from the Self Assessment helpline on 0845 9000 444, which is open seven days a week from 8am to 8pm.