News >

January 2006

MAKE A RESOLUTION TO COMPLETE YOUR TAX RETURN ON TIME

By: David Nye - Partner

Christmas chaos may be over, but that doesn’t mean the annual chores are, because January means it’s time to complete the self-assessment tax return.

Home Counties based accountants Hillier Hopkins LLP is advising people across the region to make sure they meet the January 31 deadline in order to avoid the fixed penalty of £100 charged by HM Revenue and Customs (HMRC) for late submissions.

David Nye comments: “Many people needlessly pay the £100 penalty simply because they are not organised. What’s more, many do not realise that they will also have to pay any interest charged on the amount due after the deadline date.

“Another common misconception is that if you have not received a form, you are not required to complete one, however it’s actually your responsibility to ensure you receive a form.”

Self-Assessment forms can be submitted by post or on-line. On line users must register first and receive a user ID through the post, this can take up to a week. HMRC also offers a hotline for anyone having difficulty filling in their form. The number is 0845 9000444.

David continues: “People put off their self assessment because the thought of filling in the form is often worse than actually completing it. We offer clients a simple list of guidelines to ensure they don’t fall foul of the tax man.”

• If you think you may need to complete a form, make sure you receive one
• Keep your tax affairs in order throughout the year to make the annual return more simple
• Don't forget to sign the return and date the form, and include your ten digit reference number
• Make sure you’ve completed and attached all relevant supplementary pages
• Include all income even if taxed at source (such as bank interest or state pension) but don’t include income from ISAs, Peps or Tessa-only ISAs (Toisas)
• Enter all the amounts needed on the actual form
• Remember to include tax reliefs for pension contributions, qualifying donations to charities and personal allowances need to be included
• Keep a copy of your return and all records – you can be fined if you don’t

For more information please contact our Tax Department on +44 (0) 1442 269341.

Click here to download PDF