The UK Tax filing deadline is 31st January 2008, any return that is received on the 31st of January i.e. upto Midnight subject to tax office opening hours or online submission confirmation.

However, returns received upto midnight 1st of February despite being considered as late will not incur an automatic penalty.

Additionally, the 1st of February is a Friday and therefore any tax return found in the Inland Revenue letterbox at 7.30am on Monday 4th Feb. 'should' also avoid the penalty.

Those yet to file their tax returns online should seek to initiate the completion of the forms immediately as the Inland Revenue website is expected to experience heavy demand during the 31st of Jan and may prove problematic at times during the day.

A straight forward self assessment return with all of the necessary paperwork at hand should not take more than 3 hours to complete and probably under 1 hour for those who have already had the experience of filing online tax returns. A paper return can expect to take twice as long, therefore between 2 and 6 hours to complete.

Penalties

The initial penalty for filing a late return is £100.
Further penalty of £100 if still outstanding 6 months after the filing date
Daily penalties may also be determined at a rate determined by the Commissioner and not exceeding £60 per day from the date of issue of notice of the daily penalty notice.
Variable interest rate charged on Tax due to be paid by 31st January 2008
Additional surcharges if Tax due is not paid, 28 days 5% of unpaid tax, 6 months a further 5%.

By Shahla Walayat
(c) Marketoracle.co.uk 2005-08. All rights reserved.

The Market Oracle is a FREE Daily Financial Markets Forecasting & Analysis online publication. We present in-depth analysis from over 100 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Shahla Walayat Archive

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.