Small businesses and individuals across the UK who want to file paper tax returns for their 2012/2013 income tax year have until 31 October 2013 to do so.
Online PR News – 19-October-2013 – CASTLE KENNEDY – Small businesses and individuals across the UK who want to file paper tax returns for their 2012/2013 income tax year have until 31 October 2013 to do so.Any tax payer who is required to file a self assessment tax return for the 2012/2013 tax year that doesn't get their returns to HM Revenue & Customs by October 31 is liable to pay an automatic £100 fixed penalty. It will not make a difference that they are posted before that date. They have to be received at the offices of HM Revenue & Customs by 31 October to be regarded as having made the deadline.Of course an alternative to filing paper tax return is to go online. Tax payers who choose to submit their income tax return over the internet have until January 31 to complete the process and are not affected by the October deadline, which applies only to hard copies. For any one who want to file online, HM Revenue & Customs has a special portal where this can be done. Alternatively, there are other third party software programs on the market specifically for that purpose.Individuals and small businesses across the UK that are required to file self-assessment tax returns now are faced with hefty fines this time round if they miss the statutory deadlines for submitting their tax returns. For that reason tax accountants advice that it is very risky to take a chance on being late with filing your 2012/2013 tax return.Even if you post your paper return just prior to the deadline date, you might still face the £100 fine, as the documents could arrive late at the tax office. A very good idea if you are faced with last minute filing is to take the tax return to your nearest tax office by hand. If you do decide to take in by hand, try to get proof of submitting the return to cover yourself.If for any reason you manage to miss the deadline, all is not lost, as you still have the option to file the tax return online by the 31st January 2014.You can fine more information on this and other tax issues on the revenue website at http://www.hmrc.gov.uk/