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Financial planning

Key tax deadlines – be aware

By August 29, 2012February 12th, 2019No Comments

Recent changes to legislation have led HMRC to being given more power than ever before when it comes to penalising the tax payer. It is clear that HMRC has wasted no time in utilising these new powers.

For 2010-2011, HMRC were able to charge the two standard £100 late filing penalties for tax returns submitted late as they had done in previous years. They also had the ability to charge £10 per day penalties for a maximum of 90 days. This led to HMRC issuing penalties of up to £1,000 for late tax returns.

Two more deadlines for the tax payer to meet are fast approaching and there is also the opportunity for HMRC to issue further penalties:

  • 6 October 2012 – Notify of requirement to file tax return
  • 31 October 2012 – Submission of paper tax return

Notify of requirement to file tax return

A tax return is required in a number of different circumstances:

  • Total income over £100,000
  • Self-Employment/Partnership income
  • Rental income
  • Untaxed income
  • Savings income over £10,000
  • Income over £25,400 and aged over 65
  • Capital Gains made

The self-assessment system in place for collecting income tax, places the onus squarely on the tax-payers shoulders for notifying HMRC of their requirement to complete a tax return.

If you fall into any of the above categories and HMRC has not issued a notice to file a tax return for 2011-2012, you must notify HMRC by 6 October 2012.

Failure to notify could result in a penalty of up to 100% of the tax due for the year.

Once you have notified HMRC and a reference is issued, you have the usual filing deadlines of 31st October (paper return) or 31 January (online return) to meet.

Submission of paper tax return

If you intend to submit the paper tax return this year rather than the online version, this must be submitted by 31 October 2012. Any paper returns submitted after this deadline will automatically receive a £100 penalty.

If you need any assistance in registering with HMRC or completing your tax return, please contact Christine Wallwork on 0161 975 6723 or for a quotation.