HMRC has issued reminders to all self assessment taxpayers, as the final deadline for filing tax returns approaches. For anyone who has to complete and submit a self assessment tax return but hasn’t already done so, 31st January is the final opportunity before severe penalties will be imposed.
The deadline for submitting a paper tax return has already passed, with only the one opportunity left. HM Revenue & Customs has issued a warning to anyone who isn’t already registered for online services, to do so immediately as the process of issuing an activation code and user ID can take time. If taxpayers are registered but can’t find their user ID, it is crucial to contact HMRC now as a reminder or replacement won’t be given over the phone. Security procedures in place dictate that a reminder of user ID has to be sent through the postal system.
A tax return which is submitted after the deadline, or a paper return which is submitted will attract an instant penalty of £100, followed by further penalties over the next three months. According to Stephen Banyard from HMRC:
“We want the tax returns, not the penalties. We want people to file online and on time and avoid facing a completely avoidable penalty.”
For anyone who wants to avoid an unnecessary penalty, contacting a low cost accountants may be advisable. Outsourcing to accountants will ensure that all documentation is submitted to HMRC before the deadline, avoiding unnecessary expense and worry.
