HMRC Paper Tax return deadline…. Have you missed it?
If you were looking to send in a paper tax return to HMRC for your accounts from 2011-2012 then you have missed the 31st October deadline.
If you try to file your paper accounts now you will have to pay HMRC a penalty. This penalty is £100. This will still be payable even if
- the return is just a day late
- you have no tax to pay for that tax year
- you pay all the tax you owe before 31 January 2013
However you still have time to fill your tax return online. The deadline for this is Thursday 31stJanuary 2013. If you file your tax return early, by the 30 December, you can ask HMR to collect the taxes that you owe through your tax code. This is only applicable if you owe less than £3,000. There is a box on the online application that you can select of you wish to do this.
When you file your online tax returns please remember that you will need your 10 digit Self Assessment code. If you have never used HMRC online services before then you will have to register and have your activation code sent to you. Do not leave this until January! You will be relying on HMRC to get your activation code to you in the post, and you have to successfully use this to activate your account.
Again, if you miss this deadline, you will be penalised! Below are the penalty guidelines from HMRC.
Length of delay | Penalty you will have to pay |
|---|---|
1 day late | A penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe. |
3 months late | £10 for each following day – up to a 90 day maximum of £900. This is as well as the fixed penalty above. |
6 months late | £300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above. |
12 months late | £300 or 5% of the tax due, whichever is the higher. |
However, if you are already one of our clients at Gordons Knight, then the above penalty table will be of no worry to you. We ensure that our client’s accounts are filed on time, every time. We work with our clients to ensure that they pay as little tax as possible.
If this is your first year filing your tax return, or perhaps you simply want to discuss your accounts with someone, then we are here to help. The free resources section of our site has a full table of rates applicable to you, which you are welcome to use. One of our primary goals is to help businesses reduce their tax bill should they wish to.
We do this in several ways, from making sure that we claim all available and legal expenses and allowances for you, through to tax strategies that have the ability to take the Inland Revenue “tax take” down much further still. The tax strategies are far more aggressive, and usually only viable for higher rate taxpayers with the appropriate view towards tax saving and risk.
All clients will receive a free copy of our “potential allowable expenses” report, along with our report for owner managed businesses on “How to Save Tax”.
These services are broken down into the following key areas:
- Advice
- Implementation
- Process
- Support
We would consider it an honour to be chosen as your tax adviser, and would welcome the opportunity to discuss your personal and business goals with you, with a view to helping you make the most of every business and tax reduction opportunity available to you.
For more information, and a free quote, please contact our payroll team on 020 8241 3000 or email us: gds@gordonsknight.co.uk.
