Paper return deadline looming
Tax payers have been warned the deadline for filing paper returns is fast approaching.
The deadline for submitting paper returns for the 2007-08 period is now 31 October, which is three months earlier than the online deadline. Paper returns sent after this date are now subject to a £100 penalty and cannot be subsequently replaced with an online version.
HMRC said those submitting tax returns online would benefit from automatic calculation of their tax liability, faster repayment of money owed and immediate acknowledgment their return had been received.
More than 3.75 million Self Assessment tax returns were filed online last year according to HMRC. This is the first year an early deadline has been introduced for those not filing online.
HMRC has warned those who have not filed paper returns yet that they must have all the relevant information now, including a P60, employment accounts, savings and investment records and details of any untaxed income.
However, those wishing to file online to take advantage of the extended deadline can register at www.hmrc.gov.uk/sa. More information about submitting Self Assessment tax returns is available on the HMRC site as well as on the helpline which is open seven days a week, 8am-8pm on 0845 9000 444.