HMRC warns of tax return deadline
Self-employed business owners who are filing their tax returns on paper have been reminded of the upcoming deadline.
HM Revenue and Customs (HMRC) said the cut-off date for non-electronic self-assessment documents is October 31st.
Anyone who fails to get paper returns to the tax office by this date risks being hit with a penalty of up to £100.
The alternative is to file online, as the deadline for electronic returns is three months later than the paper deadline.
HMRC pointed out that there are numerous benefits to using the online filing system, which three-quarters of self-assessment taxpayers already take advantage of.
"Your tax is calculated automatically, you get an immediate online acknowledgement once you've filed and it's processed faster, so any money you're owed is repaid more quickly," it stated.
Self-assessment tax returns apply to anyone who is self-employed
, is a company director or trustee or has foreign income.
Posted by Gemma Roskell
Published on: September 29, 2010
Did you like this article? Share it!