2007/08 Self Assessment Tax Return deadlines are looming …

Paper Self Assessment (SA) Tax Returns must be filed by 31 October 2008. That’s three months earlier than in previous years, although you still have until 31 January 2009 to pay your tax.

The deadline for filing an online Tax Return is 31 January 2009 which is also when your tax is payable.

Paper Tax Returns filed after 31 October, and online Tax Returns filed after 31 January, will result in an automatic late filing penalty of up to £100.

Unlike in previous years, should you miss the 31 October paper filing deadline but pay your 2007/08 tax liability by 31 January 2009 the late filing penalty will still be imposed. However, if you file your Return online by 31 January 2009, the penalty will be removed.

This change in filing deadlines is to encourage people to file their Self Assessment Tax Returns online, to bring benefits for them and for the Government. Online filing is secure, and provides an instant acknowledgement to your agent that H M Revenue and Customs (HMRC) has received your Tax Return.

The early submission of your Tax Return can benefit you in various ways:

• If you owe less than £2,000 and wish your tax underpayment to be collected through your Tax Code, your Tax Return must be submitted to HMRC by 31 October (for paper Returns) or by 30 December for Tax Returns submitted electronically.

• If you are due a repayment, then repayments can be released to you more quickly

• For Paper Returns submitted to HMRC by 31 October 2008, HMRC will calculate your tax for you and advise of the tax due by 31 January 2009. If you file a paper Tax Return after 31 October, HMRC cannot guarantee to let you know how much you have to pay by 31st January 2009.

• The enquiry window (the period that HMRC has to query your SA Tax Return) is now linked to the date that your Tax Return is filed, rather than the filing deadline. Therefore, the sooner you file your Tax Return, the sooner you can be certain that HMRC are not going to open an enquiry into it. Enquiries can be costly, both in terms of time and money.

How can we help you? 

The world of Tax is a complex one and if there is anything above that you don’t understand then we can help.  Making sense of your Tax Return can be stressful so talk to someone who can not only make sense of it but give you peace of mind.

For further information contact Elaine McKay or Ruth Jacobs on 0114 280 2930 or email elaine.mckay@gvt-sheffield.co.uk

www.gvt-sheffield.co.uk