Guidance on Upcoming Tax Deadline
Published 29th Dec 2010 by Emma Sinfield
Chamber Patron, Wheawill & Sudworth Chartered Accountants, has put together some useful notes on filing your tax return before the January deadline.
Tax returns and payments for the year to 5 April 2010 need to be submitted by self-employed individuals, partnerships and trustees to H M Revenue & Customs (“HMRC”) by 31 January 2011 to avoid automatic interest and penalty charges.
At this late stage, the key points to note are:• Returns have to be filed online either via the HMRC website or using professional software
• The automatic late filing penalty is £100; if the tax owing is less than £100, the penalty will reduce to the amount of the tax
• A late filed partnership return will attract a penalty of £100 per partner irrespective of the level of tax owing
• Interest on late paid tax is charged at 3%
• A further 5% is charged if the tax has still not been paid by 28 February 2011, with another 5% if the tax remains unpaid at 31 July 2011
• It is possible to agree a payment plan with HMRC in cases of particular cash flow difficulty; a taxpayer needs to ring the HMRC Business Payment Support Unit on 0845 302 1435 to discuss their circumstances
• If tax in excess of £1,000 is owed for tax year 2009/10, HMRC may request additional tax on account for 2010/11; it is possible to amend these estimated demands depending on likely income levels for 2010/11
If you need any assistance with your tax affairs, please contact Andrew Rainbow, Tax Manager with Wheawill & Sudworth Chartered Accountants, on:
P: 01484 423691
E:
andrew.rainbow@wheawills.co.ukW:
www.wheawills.co.uk