Paper self-assessment tax date imminent

Taxpayers are being reminded that the date for submitting a paper self-assessment tax return is looming.

The cut-off point for paper returns is 31 October.

Last year, some 2,467,000 people submitted self-assessment tax returns in paper format.

Of those, 2,143,000 (87 per cent) managed to meet the deadline. Late returns could mean a £100 penalty.

However, HM Revenue and Customs (HMRC) is encouraging taxpayers to consider online filing.

Stephen Banyard, director of HMRC’s business customer unit, said: “The other option would be to file online – three quarters of self assessment filers already do so – where you get three months longer to file.

“Online filing has other advantages too: 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. So, it is really worth considering.”

cropped-New_4_Business_Logo

Barrons is a proud contributor and co-founder of the 4 Business magazine. The publication is designed to provide our valued clients with valuable and informative professional, commercial, local and industry news, as well as lifestyle articles all of which are intended to appeal to a wide audience. In short, 4 Business is written by professionals to enhance knowledge and awareness of issues confronting business owners generally in a style that we hope is readable.

Find out more

4 Business - read more