With Christmas on the horizon, it’s easy to forget that there’s another big day just over a month away – the deadline for filing a personal tax return (online) on 31st January 2012.
This deadline refers to the tax year 2010 – 2011 (ending on 5 April 2011).
You are required to complete a self assessment if, during this period, you were a Director of a company or you received any taxable income outside of a normal PAYE salary. You also need to complete a self-assessment if you’ve been requested to do so by HMRC for any other reason.
Tempo takes care of your business’ tax affairs, however, if you also need to complete a personal self assessment return, we are always on hand to help – just get in touch and ask us for a quote to get everything sorted for you.
Try not to get caught up in the festive frenzy and leave it to the last minute, as the penalties for filing your return late are even more punitive than the credit card interest charges on your Christmas shopping. One day late and you incur a £100 fixed penalty, followed by £10 a day for the next 9o days, which could work out more than the tax actually owed. After six months and then again at a year you will then be fined a further £300 each time, or 5 per cent of the tax owed, whichever is greater. Ouch.
For full details of the self assessment process visit: http://www.hmrc.gov.uk/sa/deadlines-penalties.htm
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