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New Tax Return Deadline

Newsletter issue - October 08.

Halloween is particularly scary this year as it brings a new Tax Return deadline. If you plan to complete your self-assessment tax return on paper, your signed tax form must be with HMRC by midnight on 31 October 2008. If you are going to complete the form online, or have asked us to submit it online for you, you (or we) have another three months to 31 January 2009 to do this.

What happens if you miss the 31 October deadline and submit your paper return after this date? If you pay all the tax you owe for 2007/08 by 31 January 2009, you will not have to pay a penalty. The HMRC computer system may issue a penalty, but this should be reduced to nil where you can show you have paid all your tax on time. If HMRC owe you a tax repayment for 2007/08, you cannot be fined for submitting a late tax return. Although of-course you won't get your tax repayment until you submit your tax return.

If you try to use the HMRC free software to complete your return online, but something goes wrong with the system so your return does not get through, you do have a reasonable excuse. In this case you have no choice but to submit a paper tax return instead. When the HMRC computer spews out a penalty you should appeal and enclose proof that you tried to submit online but the system failed.

To avoid this hassle, just deliver all your tax return details to us, and we will do battle with the HMRC computer system on your behalf. But we need to receive your tax records without delay to get the return done in time!