Date looms for paper tax returns

Taxpayers are being reminded that the last date for submitting tax returns in their paper version is 31 October.

Any paper self-assessment tax returns that arrive after that date will attract a £100 penalty.

For paper returns that reach HM Revenue and Customs (HMRC) by 31 October, the taxman will calculate the tax liability and will tell the taxpayer what needs to be paid by the following 31 January.

But paper returns that are late mean that the taxpayer will be obliged to calculate the amount of tax owing for the last tax year themselves.

The deadline for online submissions is not until 31 January.

More details are available at http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageNoNavigation_ShowContent&propertyType=document&id=HMCE_PROD1_029841

If you would like help and advice on completing your tax return, please don’t hesitate to contact us.