Self Assessment newcomers beware of the deadlines…
HMRC have sent out in the region of 10.6 million self assessment tax returns and notices to submit a self assessment tax return.
Out of the many tax returns and notices sent by HMRC there are many people being sent to people who are new to the self assessment system. If this is the case and you want to submit your tax return online it is important to register with HMRC’s online services as soon as you can. This will make sure that you can submit your tax return on time by the 31st January 2013. HMRC states that it can take up to 7 working days to complete the process of registering for online tax return filing.
If you were looking to complete your tax return on a paper tax return the deadline was the 31st October so if you have an outstanding tax return it should be submitted online.
In addition if you owe any tax in the 2011-2012 tax year this should be sent to HMRC by the same 31st January 2013 deadline.
If you do not submit your self assessment tax return you will incur late filing penalties.