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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

UK Tax 2005-06 Self Assessment Tax Return Filing Deadline - 31st January 2007

Personal_Finance / Strategic News Jan 27, 2007 - 08:53 PM GMT

By: Shahla_Walayat

Personal_Finance

The billboards across the UK seem to have been taken over with the JAN 31 deadline for filing of self assessment tax returns, for the Tax year 2005-06. Failure to meet the deadline will mean an automatic £100 fine and ongoing penalty and interest charges for further delays in both filing of the return and making payment of tax due.

UK Tax 2005-06 Self Assessment Tax Return Filing Deadline - 31st January 2007


Key points are -

  1. You must file your tax return with the Inland Revenue AND make payment by midnight Wednesday 31st of January to avoid penalty charges.
  2. Failure to file your self assessment tax return by midnight 31st January 07 will result in an automatic £100 fine.
  3. Ensure that you have all the necessary forms that need to be completed. If not then visit your local tax office to get them.
  4. If you are completing by hardcopy, then hand deliver the report to your local tax office rather than rely on the post.
  5. To complete the form online you must already be registered for online self assessment, if you are not already registered then it is now too late to file your tax return on line as it can take 1 to 2 weeks to obtain your password for online access to the Inland Revenue portal.
  6. If you are registered to file your return online then try not to leave it until the last day, when demand for the Inland Revenue website will be high, with some 9 million returns expected and approximately half filed online. Also note - NOT ALL forms can be completed online, so double check now rather than leaving until the last minute.

To make matters worse, some civil servants have taken this 'opportunity' to go on strike on the 31st of Jan, which may effect the ability of some tax offices to open on the 31st of Jan. Another reason to try and get your tax return completed and filed BEFORE the 31st of January.

A summary of the key Tax dates

6 April 2006 This is when the 2006-07 tax year started. A 2005-06 Tax Return or Notice to Complete a Tax Return (SA316) is sent out to all people who get a tax return each year.
31 July 2006 Second automatic penalty of £100 charged if your 2004-05 Tax Return was due back by 31 January 2006 but it has not been received.
30 September 2006 If you are completing a paper Tax Return for 2005-06, you must send it back by this date if you want the Inland Revenue to :
  • Calculate your tax
  • Tell you what to pay by 31 January 2007
  • Collect tax through your tax code, if possible, where you owe less than £2000.
Though a return received by 31st December 06, will still be calculated, but they may not be able to inform you of your tax liability by 31st Jan 07
30 December 2006 Online tax returns must be filed by this date if you want the inland revenue to
  • collect tax through your tax code, if possible, where you owe less than £2000
31 January 2007 If you were sent a Tax Return by 31 October 2006 this is the deadline for sending back your completed 2005-06 Tax Return
1 February 2007 If you were sent a Tax Return by 31 October 2006 you will be charged a penalty of £100 if the Inland Revenue has not received your return by this date.
6 April 2007 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.

 

By Shahla Walayat

http://www.moneyforums.co.uk

The UK Money Saving & Investing Forums is a free online publication providing, FREE Online Tools including Credit Score Calculator and the Savings Calculator . Money Saving Guides such as Credit Card Stoozing , Savings Tree , Money Saving Guide . Personal Finance Discussion Forums open to ALL, supported by experienced moderators, to discuss any personal finance topics from 0% Credit card deals , to the state of the Housing market . The best Savings & Deposit Accounts etc. This article maybe reproduced if reprinted in its entirety with links to http://www.moneyforums.co.uk


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