Don't Miss The Tax Return Deadline !
LONDON (Citywire) - The 10 million individuals who have to complete a tax return may find the New Year starting with a 100 pound fine if they fail to complete their return within the next 28 days.
But while you are wrestling with the details of filling in the forms and worrying about how to pay the tax man and the credit card debts, spare a thought for the poor accountants who burn the midnight oil throughout January in an attempt to deal with the millions of taxpayers who leave things until the last minute.
Last year some 38 percent of all tax returns or 3.72 million returns were filed in January up against the deadline, although they had been sent out from the previous April. And in spite of the Revenue's efforts to reduce the workload on tax officials and accountants by exempting pensioners and others on low incomes from filing a return, the number of taxpayers required to complete a self-assessment return continues to rise as more individuals are dragged into the higher rate tax net.
Some people clearly find even filling in a tax return preferable to the enforced jollity of Christmas with the family. In 2004 some 306 self assessment returns were filed online on Christmas day. And HM Revenue & Customs is about to launch blitz advertising to persuade us all to comply by the due date, January 31.
This will include telephoning as many as 350,000 taxpayers who have yet to file. Presumably these are the delinquent taxpayers, whom the Revenue suspects of owing considerable sums, with a bad track record of paying up on time.
In spite of a mandatory fine of 100 pounds for not filing on time, plus interest penalties on tax due, an estimated 10 percent of all taxpayers miss the deadline and incur penalties. Last year some 900,000 of the 9.8 million taxpayers obliged to file returns had to pay the 100 pound fine.
The taxman is keen to encourage more of us to file online too. By December 16 the Revenue received over 900,000 online returns over the Internet, an increase of 30 percent on last year.
More than 9.8 million self assessment tax returns were issued in the last tax year, and almost 1.3 million were completed online. "We have always recommended that people file early and outside the busiest periods - and we are pleased to see that some taxpayers have taken this to heart, even at Christmas," says Roy Massingale, director of self assessment at HM Revenue & Customs.
He maintains that "Filing online is an easy, convenient and secure way to submit your tax return - all you need is an activation PIN number. This can take a few days to process, so register as soon as possible to beat the 31 January deadline." Last year the government website crashed as thousands of individuals tried to file at the last minute. People needing help or more information can visit http://www.hmrc.gov.uk, or telephone the self assessment helpline on 0845 900 0444.
But while you are wrestling with the details of filling in the forms and worrying about how to pay the tax man and the credit card debts, spare a thought for the poor accountants who burn the midnight oil throughout January in an attempt to deal with the millions of taxpayers who leave things until the last minute.
Last year some 38 percent of all tax returns or 3.72 million returns were filed in January up against the deadline, although they had been sent out from the previous April. And in spite of the Revenue's efforts to reduce the workload on tax officials and accountants by exempting pensioners and others on low incomes from filing a return, the number of taxpayers required to complete a self-assessment return continues to rise as more individuals are dragged into the higher rate tax net.
Some people clearly find even filling in a tax return preferable to the enforced jollity of Christmas with the family. In 2004 some 306 self assessment returns were filed online on Christmas day. And HM Revenue & Customs is about to launch blitz advertising to persuade us all to comply by the due date, January 31.
This will include telephoning as many as 350,000 taxpayers who have yet to file. Presumably these are the delinquent taxpayers, whom the Revenue suspects of owing considerable sums, with a bad track record of paying up on time.
In spite of a mandatory fine of 100 pounds for not filing on time, plus interest penalties on tax due, an estimated 10 percent of all taxpayers miss the deadline and incur penalties. Last year some 900,000 of the 9.8 million taxpayers obliged to file returns had to pay the 100 pound fine.
The taxman is keen to encourage more of us to file online too. By December 16 the Revenue received over 900,000 online returns over the Internet, an increase of 30 percent on last year.
More than 9.8 million self assessment tax returns were issued in the last tax year, and almost 1.3 million were completed online. "We have always recommended that people file early and outside the busiest periods - and we are pleased to see that some taxpayers have taken this to heart, even at Christmas," says Roy Massingale, director of self assessment at HM Revenue & Customs.
He maintains that "Filing online is an easy, convenient and secure way to submit your tax return - all you need is an activation PIN number. This can take a few days to process, so register as soon as possible to beat the 31 January deadline." Last year the government website crashed as thousands of individuals tried to file at the last minute. People needing help or more information can visit http://www.hmrc.gov.uk, or telephone the self assessment helpline on 0845 900 0444.
posted by Your Friends @ Myvesta.org.uk at
1/03/2006 09:01:00 am
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