Tim Adcock, Mitchell Charlesworth's
Tax Partner reminds all first-time Self Assessment filers that they
need to register for online filing by Saturday 21st January, or
they may not be able to send their tax return on time.
Tax returns for 2010/11 must be sent online to HMRC by 31st
January but, if you're filing online for the first time, you need
to register by Saturday 21st January, to allow
enough time for an account Activation Code to be posted to you.
It's important to register in time. If you send HMRC an online
return after 31 January, you will receive a £100 penalty - even if
you have no tax to pay.
The longer you delay, the more you'll have to pay.
If your tax return is three months late, you'll have to pay a
penalty for each additional day it is late.
If it's six months late, you'll have to pay a further penalty
and another, final penalty if it's 12 months late. Together these
could add up to a penalty of £1,600 or more.
Registering is really very easy - simply visit www.hmrc.gov.uk/online and
follow the instructions. Once you have received your Activation
Code, you can activate your account and complete your tax return
online.
You are also reminded that 31st January 2012 is
also the deadline for paying any tax you owe for the 2010/11 tax
year.
If you would like any help on your own tax issues, or think that
in future you would prefer to engage an accountant, contact Mitchell
Charlesworth today or complete a quick
enquiry form.