A strike by HMRC staff on the 31st of January 2012 has prompted the Inland Revenue to extend the tax deadline by 2 days to cope with the annual last minute rush by upto 2 million people to complete online personal self assessment tax returns on the last day.

Strike action on the 31st of January may have meant that many of those calling the HMRC for advise and guidance may have not been able to get through.

The good news is that the extension means there will be no automatic fine of £100 for not filing on the 31st of January, who instead now have until 2nd of February to successfully file their returns online without incurring am automatic £100 penalty. Which is a win win situation for all as tens of thousands of self assessment tax payers would have inundated the Inland Revenue with claims that the reason they missed the deadline was due to strike action, hence this extension saves the Inland revenue a lot of time consuming paper work.

Also the HMRC announcement implies that any tax due can also be paid on 1st or 2nd of Feb without incurring interest and penalties.

Off course tax payers should take this weekend as an opportunity to complete and file their tax return online several days before the deadline which in most cases if all of your paper work and accounts are at hand and already complete should not take more than an hour to do. If not then set aside 6-10 hours for the necessary compiling of information needed to complete the online returns.

Checklist for what you may need

Employed - P60
Employed - P11D's
Employment expenses
PAYE coding notices
Bank Statements and interest certificates
Dividend income
Self employed Accounting records / receipts

Source and Comments: http://www.marketoracle.co.uk/Article32858.html

By Nadeem Walayat

http://www.marketoracle.co.uk

Nadeem Walayat has over 25 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of three ebook's - The Inflation Mega-Trend; The Interest Rate Mega-Trend and The Stocks Stealth Bull Market Update 2011 that can be downloaded for Free.

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 600 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.

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