7 December 2011
31 January 2012 is the deadline for submitting tax returns electronically for the tax year 2010/11 (ending on 5 April 2011). The deadline for submitting paper returns was 31 October 2011.
If you miss the deadline a penalty of £100 is chargeable automatically, even if there is no tax to pay. Higher penalties apply if the return is more than three months late.
If you have not submitted a return electronically before, do not leave it too late to get started. You will need to register on HMRC’s website then wait for an ‘activation code’ to be sent by post before you can used this service. The code normally arrives within seven working days, but delays are more likely as the deadline approaches.
If Moore Stephens file your tax return with HMRC, you will need to provide us with all the necessary information to allow time for preparing the return, dealing with any queries and submitting it to you for signature.
If you know that you have an income tax or capital gains tax liability for 2010/11 that is not covered by deduction of tax at source (for example, under PAYE) but you have not received a request for a tax return, you should have notified HMRC of the position by 5 October 2011. If you have not done so, you are theoretically already liable to a penalty. However, the amount of the penalty is calculated by reference to any tax unpaid at 31 January 2012 so there is still an opportunity to set matters straight by paying the tax due. Submitting a tax return online will automatically produce a calculation of your tax liability.
You cannot submit a tax return or pay tax electronically unless you are registered with HMRC for self-assessment and have a ‘Unique Taxpayer Reference’ (UTR). The process of obtaining such a reference may take some time, particularly as the tax return deadline approaches, so if you are in this position you need to take action now.