Midnight on 31st October 2010 is the deadline for completing and submitting your paper copies of self assessment tax returns. Failure to do this will result in a penalty of £100 which is charged automatically. For partnership returns you will face a penalty of £100 for each partner. There are only two occasions when you can file your paper return later than 31st October and they are very rare occurrences. The first reason for not filing on time is if you receive your notice to file after 31st July, which means you will have three months to file from the date you received the notice. If there is no software available for you to file online, such as Non-Resident Companies, you will be given until 31st January to file your return online.
There are many important dates to remember throughout the year, and missing certain deadlines will mean that you incur a huge penalty and could also incur interest on that penalty. Employing an accountancy firm to deal with your administration will avoid any unexpected bills or have to rush and complete your tax return at the last minute.
There are some reasons that will be accepted by HM Revenue & Customs for filing a late tax return, but the reasons must be exceptional before being considered. You will also be expected to provide proof that you had started to prepare your return before the deadline. To ensure you meet your October deadline for your self assessment return, hire a cheap accountants firm to deal with your return on time, avoiding unnecessary penalties.
Want to learn more?
Subscribe to our newsletter to get accounting tips like this right to your inbox