Keep calm and file your tax return

With the new year upon us, the 31 January 2014 deadline for filing your 2012/13 tax return is fast approaching.

“The return must be submitted via the internet by 31 January 2014 to avoid a late filing penalty,” says Steve Pollins, Moore Stephens senior tax manager. “Meeting this deadline is important. When a return is filed late, a penalty of £100 will be charged even if there is no outstanding tax liability at 31 January 2014. Further penalties will also apply the longer the submission of the tax return is delayed.”

Clients often ask about when they must include chargeable gains on their tax returns. “For 2012/13 tax returns, details must be included if either your chargeable gains before deducting any capital losses are more than the annual Exempt Amount, which is £10,600 in 2012/13, or the total amount you received from selling or disposing of assets is more than £42,400,” Steve says.

Please contact your Moore Stephens adviser for more information regarding 2012/13 tax returns.

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