31st January – Self
22-01-2007
With the Self Assessment deadline only days away, HM Revenue & Customs (HMRC) is reminding taxpayers to get their returns in by 31st January to avoid a £100 penalty for missing the deadline.
For those wanting to file their 2006 return online before the 31st January deadline, and have yet to sign up, then the 24th January is the latest you can do this to allow enough time to receive your activation pin (sent by 1st post) and password.
Those that were sent a Tax Return by 31st October 2006 need to pay what is owed by the dreaded January 31st deadline. Interest will be charged if Inland Revenue has not received your payment by this date. Late payers also face a surcharge of 5% on any amounts still outstanding after 28 days, with persistent non-filers facing daily penalties of up to £60 per day.
In the run up to this key deadline the self assessment helpline is available to call seven days a week between 8.00am and 8.00pm on 0845 900 0444. Or visit the HMRC website www.hmrc.gov.uk/sa the site features a ‘Frequently Asked Questions’ section to help assist those new to filing online and the tax return system.
Key Dates for Completing and Sending Back Your Tax Return
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Key Dates |
What Happens / Why Is This Date Important?
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This is when a new tax year starts. A 2005-06 Tax Return or Notice to Complete a Tax Return (SA316) will be sent out to all people who get a tax return each year. |
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You will be charged a second automatic penalty of £100 if your 2004-05 Tax Return was due back by 31 January 2006 but it has not been sent in. |
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If you are completing a paper Tax Return for 2005-06, you must send it back by this date if you want Inland Revenue to:
(If we receive your paper Tax Return after 30 September and process this by 30 December, we will still calculate your tax and we will still try to collect tax through your tax code but we can’t guarantee to tell you what to pay by 31 January 2007.) Remember: If you send back your Tax Return over the Internet all the Software and Online forms will calculate your tax liability for you. |
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If you send back your Tax Return over the Internet you must send it back by this date if you want us to:
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If you were sent a Tax Return by 31 October 2006 this is the deadline for sending back your completed 2005-06 Tax Return |
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If you were sent a Tax Return by 31 October 2006 you will be charged a penalty of £100 if we have not received your return by this date. |
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The new tax year starts. A Tax Return or Notice to Complete a Tax Return (SA316) will be sent out to all people who meet the criteria to get a Tax Return each year. |
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Key Dates for Payments
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Key Dates |
What Happens?
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Some people may have to make ‘payments on account’. Each payment will normally equal one half of the previous year’s tax liability (after taking off tax deducted at source and tax credits on dividends). The payments are due on 31 January in the tax year and 31 July following the tax year. If you need to make a second payment on account for the tax year ending on 5 April 2006 this is the date by which it should be paid. You may be charged a second automatic 5% surcharge if you were due to pay tax on 31 January 2006 and it has not been paid in full by 31 July 2006 |
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If you are sending a paper Tax Return for 2005-06, you need to send it back by this date if you want Inland Revenue to collect tax through your tax code, if possible, where you owe less than £2000. |
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If you are sending your Tax Return for 2005-06 over the Internet you need to send it back by this date if you want Inland Revenue to collect tax through your tax code, if possible, where you owe less than £2000. |
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If you were sent a Tax Return by 31 October 2006 this is the deadline for paying the balance of any tax you owe. Interest will be charged if Inland Revenue has not received your payment by this date. Some people may have to make ‘payments on account’. Each payment will normally equal one half of the previous year’s tax liability (after taking off tax deducted at source and tax credits on dividends). The payments are due on 31 January in the tax year and 31 July following the tax year. If you need to make a first payment on account for the tax year ending on 5 April 2007 this is the date by which it should be paid. |
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You may be charged an automatic 5% surcharge if you were due to pay tax for the year 2005/06 and it has not paid in full by 28 February 2007. |
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Information courtesy of www.hmrc.gov.uk/sa
