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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Sun Jan 28, 2007 2:49 am Post subject: UK Tax 2005-06 Self Assessment Tax Return Deadline 31st Jan |
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The billboards across the UK seem to have been taken over with the 31st Jan deadline for filing of self assessment tax returns, for the Tax year 2005-06. Failure to meet the deadline will mean an automatic £100 fine and ongoing penalty and interest charges for further delays in both filing of the return and making payment of tax due.
Key points are -
1. You must file your tax return with the Inland Revenue AND make payment by midnight Wednesday 31st of January to avoid penalty charges.
2. Failure to file your self assessment tax return by midnight 31st January 07 will result in an automatic £100 fine.
3. Ensure that you have all the necessary forms that need to be completed. If not then visit your local tax office to get them.
4. If you are completing by hardcopy, then hand deliver the report to your local tax office rather than rely on the post.
5. To complete the form online you must already be registered for online self assessment, if you are not already registered then it is now too late to file your tax return on line as it can take 1 to 2 weeks to obtain your password for online access to the Inland Revenue portal.
6. If you are registered to file your return online then try not to leave it until the last day, when demand for the Inland Revenue website will be high, with some 9 million returns expected and approximately half filed online. Also note - NOT ALL forms can be completed online, so double check now rather than leaving until the last minute.
To make matters worse, some civil servants have taken this 'opportunity' to go on strike on the 31st of Jan, which may effect the ability of some tax offices to open on the 31st of Jan. Another reason to try and get your tax return completed and filed BEFORE the 31st of January.
A summary of the key Tax dates
Key Dates
What Happens / Why Is This Date Important?
6 April 2006 - This is when the 2006-07 tax year started. A 2005-06 Tax Return or Notice to Complete a Tax Return (SA316) is sent out to all people who get a tax return each year.
31 July 2006 Second automatic penalty of £100 charged if your 2004-05 Tax Return was due back by 31 January 2006 but it has not been recieved.
30 September 2006 If you are completing a paper Tax Return for 2005-06, you must send it back by this date if you want the Inland Revenue to :
Calculate your tax Tell you what to pay by 31 January 2007
Collect tax through your tax code, if possible, where you owe less than £2000.
Though a return recieved by 31st Deceber 06, will still be calculated, but they may not be able to inform you of your tax liability by 31st Jan 07
30 December 2006 Online tax returns must be filed by this date if you want the inland revenue to
collect tax through your tax code, if possible, where you owe less than £2000
31 January 2007 If you were sent a Tax Return by 31 October 2006 this is the deadline for sending back your completed 2005-06 Tax Return
1 February 2007 If you were sent a Tax Return by 31 October 2006 you will be charged a penalty of £100 if the Inland Revenue has not received your return by this date.
6 April 2007 The new tax year starts.
A Tax Return or Notice to Complete a Tax Return (SA316) will be sent out to all people who meet the criteria to get a Tax Return each year.
By Shahla Walayat
http://www.moneyforums.co.uk[/list] |
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Quinn
Saving Enthusiast
Joined: 06 Feb 2005
Posts: 181
Cash Points ££ 2817.02
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| Posted: Mon Feb 19, 2007 3:05 am Post subject: |
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I'll give the Inland revenue this, they are quick to pay refunds  |
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