With the 31 October deadline for paper tax returns just weeks away, HM Revenue & Customs (HMRC) is urging you to get your paper tax return in on time, or face a penalty.
Around 1,232,000 people are expected to file a Self Assessment return in the South West and South this tax year including 250,000 from Hampshire and he Isle of Wight
If you send in a paper tax return on or after 1 November, you will now be hit with a £100 penalty – even if there is no tax to pay or the tax due is paid on time – following the introduction of a new penalty regime this year. The longer you delay, the more you’ll have to pay, as there are further late-filing penalties after three, six and twelve months.
So, you’ll need to act now if you want to send in a paper return and avoid a late-filing penalty. If you can’t send your paper return by 31 October, you can still avoid a penalty by sending your tax return online instead. However, if you do send a paper return after the 31 October deadline, you cannot avoid the initial £100 penalty by subsequently filing online.
To find out more about the October deadline and sending a paper tax return, go to www.hmrc.gov.uk/sa/deadline-news.htm.
If you send your tax return online, you get an extra three months to send it, as the deadline is 31 January. There are lots of other advantages too:
- your tax is calculated automatically
- you get an immediate online acknowledgement; and
- your tax return is processed faster, so any money that you are owed is repaid more quickly.
Registering for HMRC Online Services is simple – just go to www.hmrc.gov.uk/online.
For help and advice on completing a return, visit www.hmrc.gov.uk/sa or call the Self Assessment helpline on 0845 9000 444.