Paper filing date approaching fast
The standard filing date for a personal tax return is 31 January. However, if you submit paper returns you need to do it earlier. What is the paper filing date, and how can HMRC’s new videos help if you need to remove yourself from self-assessment?
Currently, the self-assessment system is mainly processed in arrears, i.e. returns and payments are due after the end of the tax year. Most taxpayers have a filing deadline of 31 January after the end of the relevant tax year, so have almost ten months to gather and report their information. However, if you complete a paper return you only get until 31 October. You therefore have less than two weeks to get the return to HMRC.
Before you do, you may want to review your circumstances to see if you still need to be in self-assessment at all. For example, if you have ceased a claim to child benefit due to the high income child benefit charge, or were self-employed but have ceased trading. HMRC has published two videos explaining how to withdraw online, one for self-employed and one for others.
Related Topics
-
MONTHLY FOCUS: SECONDARY INCOMES
In 2023 it was revealed that HMRC would enjoy new data-sharing information from online selling platforms from 1 January 2024, including eBay, Etsy, etc. This led to media speculation that innocent people selling second-hand items would soon be hearing from a tax inspector. In this monthly focus, we look at the tax consequences of starting a small trade, or taking a second job.
-
New online service for voluntary contributions goes live
If you have gaps in your NI history, you can pay voluntary contributions to increase your entitlement to certain benefits, e.g. the state pension. You can now do this online. How do you access the new service?
-
Investing in woodlands - what are your options?
Investing in woodlands comes with several tax breaks. To make the most of these should you invest personally or through a company?