Meeting Tax Return Deadlines
Yes it is that time of year again - the time when most people in business are thinking about their October Tax Return Deadline. Her Majesty's Revenue & Customs (HMRC) is all about numbers, and that includes dates on calendars. If you fail to file your return on time and if you owe tax, you will automatically face a £100.00 penalty and interest.
In the current economic climate why pay out money unnecessarily? Most people in business are aware that at the 31st October paper returns are due. However, countless procrastinators will miss the deadline and incur a fine.
Filling in your return is only half the battle - you will need to pay the bill as well - although this is not due until January 2010.
You may well think that two months is a lot of time. By the time you add in unforeseen events, the odd family crisis, autumn flu and anything else you can think of the time will have flown by. If on the other hand you start early there will be no danger of missing the deadline. HMRC will even work out your tax bill for you if they receive it in October.
People who pay through the self assessment system and intend to take a DIY approach to their returns are advised to check the allowances they are entitled to and if unsure to seek help and assistance as soon as possible. Tax does not need to be taxing or cause you to have sleepless nights.
