Deadline looms for tax returns (From Gazette & Herald)

Deadline looms for tax returns

THE annual New Year deadline for tax self-assessment forms is imminent, with late filers sure to receive a £100 fine from the taxman, the Association of Chartered Certified Accountants has warned.

Chas Roy Chowdhury, head of tax at ACCA, said: "This is a timely reminder for those who do their own tax self-assessment to get their skates on and file their details on time or risk a £100 fine from HM Revenue and Customs (HMRC)."

According to the Office for National Statistics, some eight million people now undertake their own self-assessment, effectively acting as their own unpaid tax collectors. In spite of the HMRC media campaign to file by the January 31 deadline, there will still be people who will be late.

He said: "The question is, should those with legitimate reasons to file late - say, those with very complex tax issues, or those waiting for overseas information - be penalised?

''ACCA believes it's important that HMRC targets persistent late filers, but there are those who have genuine reasons for late filing. They should be treated more leniently than persistent offenders."

Key dates in 2006 are:

January 31, 2006: If a tax return was received by October 31, 2005, then this is the deadline for sending back the completed 2004-05 tax return.

February 1, 2006: If a tax return was received by October 31, 2005, then a penalty of £100 will be charged if HMRC has not received a return by this date.

April 6, 2006: The new tax year starts. A tax return or notice to complete a tax return (SA316) will be sent out to all those meeting the criteria to get a tax return each year.

Updated: 15:34 Wednesday, January 18, 2006