Posted by Nick Day on 18 Oct 2012

HM Revenue & Customs (HMRC) are reminding individuals to submit their paper Tax Returns for the 2011-12 year by 31 October 2012 to avoid automatic £100 penalties that will be levied if this deadline is not met.

The £100 penalty will be charged even if a refund is due or where no tax is payable at the deadline date for payment of 2011-12 tax, 31 January 2013.

If you miss the deadline for submitting a hard copy paper Return, it is possible to file a Tax Return on-line by 31 January 2013 and avoid a penalty.

HMRC commented as follows:

“As well as having an extra three months to file, if you file on-line your tax is calculated automatically and your tax return is processed faster, so any money you’re owed is repaid more quickly.”

HMRC are expecting approximately 10.5m Self Assessment Tax Returns to be completed for the 2011-12 tax year.

If you fear you will miss the paper Tax Return deadline and would like help in setting up for on-line filing of your Return, please contact us for help.

If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or customerservice@taxinnovations.com