Tax Return Deadline 31st January
TAX RETURN DEADLINE 31 JANUARY
The personal tax return deadline is fast approaching for the tax year 6th April 2010 to 5th April 2011. You should be aware the penalty regime has changed so it is crucial this year to submit tax returns on time. Tax returns even one day late will attract an automatic penalty of £100, whether or not the tax has been paid or even if there is no liability to tax. Further penalties will accrue at £10 per day after 3 months and after 6 months will be a minimum of £1,300 plus a percentage of the tax due.
A few tips to deal with your tax returns and avoid penalties:
• Register for online filing, if not registered already. It is too late to file a paper return.
• Make sure you have all necessary information – P60, P11D, Bank interest received, share transactions and other sources of income if you are an employee. If you are self-employed you will need bank statements, receipts, invoices and expenses paid for the business during that tax year as well.
• Make sure all reliefs and losses are claimed eg, pension contributions, losses on shares etc.
• For those filing self-assessment tax return please note that in addition to the tax liability for 2010_11 you will also have to make payment on account for 50% of the estimated tax liability for 2011_12.
• Obtain professional advice if there is anything more complex or if you are in any doubt, or simply to relieve the stress of dealing with it yourself.
Wesley Pemberton LLP, based in Winchmore Hill, offer a comprehensive accounting and tax return service. For a free initial consultation please call on 020 8360 3344.