If you want to submit an application paper tax return HM Revenue and Customs (HMRC) must receive it by midnight on Tuesday 31 October – otherwise you risk being fined.
When most people apply self-assessment returns Almost 400,000 people online choose to fill out and publish a print version.
Tax’s Stevie Heafford says: “If you’re planning to complete a paper self-assessment return, remember that the Halloween deadline is when HMRC must receive all the necessary paperwork – not the last day you can submit your return.” partner in accounting firm H. W. Fisher.
“If you don’t think you’ll have enough time, fear not; you can still decide to complete your return online, with a deadline of January 31, 2024.”
However, anyone who files a paper tax return after the 31 October deadline will be able to have their work completed by HMRC. If your tax return is up to three months late you will pay a £100 late fee. Any later than this and you could face a total fine of more than £1,000.
The deadline to pay your tax debt is January 31; whether you have submitted a self-assessment statement on paper or online.
Tea January 31 deadline Paying taxes or filing taxes online may seem like a long way to go, but there’s actually less than 100 days left. It’s a good idea to send it as soon as possible so it’s not left hanging over your head during the Christmas holidays and into the New Year.
Who submits paper tax returns?
According to HMRC, 96% of people completed their self-assessment online in the last year. This shows that while an overwhelming majority prefer to complete their tax returns digitally, some people still prefer to complete their returns by mail.
The total number of self-assessment taxpayers filing paper returns for the latest year (2021/22) was 385,000.
HMRC says the quickest and simplest way to file your tax return is online.
you will need request a paper refund if you want to file your self-evaluation this way. HMRC say: “We no longer automatically issue paper refunds unless there is a reason why the customer cannot apply online.”
Do you need to file a tax return?
You will need to lodge a tax return if you have self-employment earnings or untaxed income over £1,000, or if HMRC has issued a notice for you to lodge a return.
But it’s not just the self-employed who need to file tax returns. You will also need to apply if you have untaxed income from:
Top tips for filling out your tax return
Stevie Heafford offers the following tips to avoid common mistakes:
- Give yourself plenty of time. Gathering all the paperwork takes longer than you think. This includes your P60, which will confirm the total tax deducted from your income at source. You will also need a record of benefits and expenses, which you can find on your P11D or P9D forms. If you left your job in the last tax year, you will also need a P45 from your previous employer.
- Don’t forget to claim Tax deduction on pension contributions. Make sure you keep details of any pension contributions made so you can claim the correct tax relief.
- Be sure to include charitable gift assistance payments. You’ll also need details of all your gift aid payments; For example, have you sponsored a friend to participate in charity work? This may be included as HMRC provide some tax relief on charitable donations.
- If you are submitting a paper tax return, keep a document showing the postage cost on file in case there are any delays in the mail. You must keep a copy of your completed tax return and related documents.
- Don’t forget your starting rate for savings, personal savings allowance and dividend allowance. In addition to your personal allowance and personal savings allowance, you can receive interest on up to £5,000 of your tax-free savings. These allowances are reduced according to income level. There is also a dividend allowance, currently £1,000.
What happens if I miss the October 31 deadline?
Don’t worry, if you miss the deadline to file your paper tax return, you can avoid the fine by submitting it online instead. Just make sure it’s completed by January 31st.
However, if you submit a paper return after the deduction on 31 October, you will be charged a £100 penalty even if there is no tax to pay.
If three months have passed and you still have not submitted your self-assessment return, additional penalties of £10 per day will apply, up to a maximum of £900. After six months, HMRC will charge you a penalty of 5% of the tax you owe or £300, whichever is greater; This punishment is repeated in 12 months.
Interest will also be charged for late payments.
Beware of scams
Self-assessment customers should be wary of HMRC scams as the tax filing season is a popular time for scammers to target victims.
HMRC said it had received more than 130,000 reports of tax fraud in the 12 months to September 2023. Almost half (58,000) were linked to victims being offered fake tax breaks.
We have more information on how to protect yourself from scams and what to do when you connect to the internet Self-assessment tax scams are on the rise.