HMRC Issues Tax Return Warning
Self-employed accountants are being urged not to leave the filing of their tax returns to the last minute and to get it out of the way before the 31 January deadline.
HM Revenue & Customs are issuing a reminder that any outstanding self assessments must now be completed online and done so before the end of the month.
Anyone performing the ritual for the first time must initially register on the HMRC website, where a user ID is instantly created and an activation code is issued, but is sent in the post and can take up to seven days to arrive. The code is required to access the online filing system and it is the responsibility of the individual to ensure it arrives in time to complete the tax return before the deadline.
A fine of £100 will be issued for any late returns, even if there is no tax to pay and HMRC’s Stephen Banyard said: ‘Missing the 31 January deadline will mean that self assessment taxpayers will face penalties. And we don’t want them to – we want the tax returns, not the penalties. We want people to file online and on-time, and avoid facing a completely avoidable penalty.’