02 It’s that big time of the year that everyone loves

It’s that big time of the year that everyone loves

 ………not Christmas, but the tax return deadline on 31 January 2012!! 

Even though we are all able to complete and submit a return after each 5^th April, human nature does lead to a lot of people leaving it until the last minute, which is dangerous, and in turn places pressure on you or your accountant. 

HMRC recognised that something needed to change as too many people were not bothering to file their returns on time and therefore last year they changed the system so that anyone submitting a paper return must have it submitted by 31 October, with online submissions having until 31 January. 

Another change is that this year returns, not submitted on time, have much higher penalties which eventually turn into daily penalties. 

No one likes paying tax but it is necessary and I think we all accept it, albeit some more reluctantly than others. 

If your return is still outstanding my tips for ensuring you are compliant are as follows: 

• • register online NOW as it is not an immediate process, HMRC will take 7 to 10 days to issue a registration code
  • start gathering your paperwork now (if you have not done so already) and make sure you have all the correct documentation as you may need to order duplicate certificates from banks
  • use suitable and reliable software
  • get the return submitted as soon as possible
  • make sure you pay your tax on time, you will not receive a demand as HMRC do not have the figures (deadlines for paying your tax are 31 January and 31 July)
  • my final tip is do not leave it this late next year!!

If you find completing the return too onerous or are worried about it, then I am happy to help. You can contact me in my Wymondham office on 01953 604707 and I am happy to offer a free initial chat or a fixed fee to help you with either your return or any tax and accounting requirements. 

We file over 2,000 tax returns a year, all of them online, and know that sometimes even the most straightforward return is not. 

Trevor Chapman, Berry & Warren