Self-assessment tax return filing deadline today
Taxpayers and their accountants are rushing to meet today's filing deadline for self-assessment tax returns.
Taxpayers and their accountants are rushing to meet today's filing deadline for self-assessment tax returns.
Those who fail to file their 1998/99 tax returns by today are liable for a £100 fine, which can be reduced only if the tax due is less than £100 or the taxpayer has an excuse for late delivery.
However, according to the English ICA’s tax faculty, no penalty will be charged if returns ‘are received in the post, or by hand, at any time on Tuesday February 1 of if they are in the post box of the Tax Office by 7.30am on Wednesday 2 2000.
However, others are warning small businesses that they could be in for a nasty surprise because even if they submit returns in time they could be rejected and the taxpayer will be asked to pay the £100 penalty.
This is because in previous years self-employed people have been allowed to submit provisional figures due to pressure of work, their accountant’s pressure of work or the complexity of their affairs.
Tax specialist John Cheetham, quoted on Digita.com, has said the new guidelines came to light only recently after a meeting with tax inspectors.
A Revenue spokesman admitted it had tightened up a loophole which had become common practice.
Accountancy Age reveals details of impending tax returns crisis
The numbers you crunch tell a story. Your expertis...
24yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article