Two more deadlines for the tax payer to meet are fast approaching and there is also the opportunity for HMRC to issue further penalties:
• 6 October 2012 - Notify of requirement to file tax
• 31 October 2012 - Submission of paper tax return
Notify of requirement to file tax return
A tax return is required in a number of different circumstances:
• Total income over £100,000
• Self-Employment/Partnership income
• Rental income
• Untaxed income
• Savings income over £10,000
• Income over £25,400 and aged over 65
• Capital Gains made
The self-assessment system in place for collecting income tax, places the responsibility on the tax-payers shoulders for notifying HMRC of their requirement to complete a tax return.
If you fall into any of the above categories and HMRC has not issued a notice to file a tax return for 2011-2012, you must notify HMRC by 6 October 2012. Failure to notify could result in a penalty of up to 100% of the tax due for the year.
Once you have notified HMRC and a reference is issued, you have the usual filing deadlines of 31st October (paper return) or 31 January (online return) to meet.
Submission of paper tax return
If you intend to submit the paper tax return this year rather than the online version, this must be submitted by 31 October 2012. Any paper returns submitted after this deadline will automatically receive a £100 penalty.