As Halloween quickly approaches, most people may be worried about ghosts and ghouls, but Thomas Coombs is warning individuals to be more concerned about their paper self-assessment tax return.
The deadline for submission of this year’s annual paper tax return is midnight on 31 October and businesses and individuals who use this method must submit their return and all supporting evidence to HM Revenue & Customs (HMRC).
Any paper returns submitted after this date could leave a taxpayer liable to fines or investigation from HMRC.
Those that miss the paper deadline will have a second chance to return their documents in the form of an online tax return in the new year, using their unique taxpayer reference (UTR) provided by HMRC.
Stuart Adam, Partner at Thomas Coombs, said: “It is important that those who wish to return their self-assessment tax return in paper form do so before this month’s deadline.
“Submitting the return after this date could lead to a fine, even if you then complete an electronic return ahead of the online deadline of 31 January 2016.
“The government is currently in the process of developing a new online system that will do away with the traditional self-assessment return by 2020, but until then it is vital that businesses and individuals meet their annual tax return deadlines.”
For more information please contact Stuart Adam.