TaxPersonal TaxTax return deadline looming warns Grant Thornton

Tax return deadline looming warns Grant Thornton

5 October deadline could affect anyone who may have rented out a property previously used as a holiday or second home to earn additional income

Those yet to notify HM Revenue & Customs they are going to fill in a tax
return listing untaxed income or gains for the last financial year to 5 April
have been warned that they only have a week left to do so by Grant Thornton’s
tax advisers.

Taxpayers filing a return for the first time must contact HMRC by 5 October
to let them know they will be paying up. Additionally, tax returns received
after 31 October will not be accepted.

Around nine million people have to fill in a tax return this year, according
to the firm and the deadline could affect anyone who may have rented out a
second home in the last financial year.

Francesca Lagerberg, head of tax at Grant Thornton, said: “Individuals may be
unaware that they need to notify HMRC that they intend to fill in a tax return
form.

“However this deadline could affect anyone who may have rented out a property
(which has previously been used as a holiday or second home) to earn additional
income in these difficult economic times.

“This new income would not be taxed at source and will require disclosure on
an individual’s tax return, together with the obligation to notify HMRC by 5
October 2010.”

Further reading:

620
file tax returns online during Christmas Day

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