Money News
Anybody who files a self assessment tax return should be aware that for 2007-08 tax returns and for subsequent years, there will be two separate filing dates.
The 2007 Finance Bill will include proposals for a new deadline date of 31 October for paper returns (for tax year 2007-08 that will be 31 October 2008). For returns filed online, the date will remain at 31 January (for tax year 2007-08 that will be 31 January 2009).
Taxpayers filing paper returns who want HMRC to calculate their tax liability for them, the cut off date will move from 30 September to 31 October to align with the new paper return filing deadline. A calculation of tax liability is automatically provided when a return is filed online.
The change will affect all individuals, trustees and partnerships who complete Income Tax self assessment tax returns.
There is a tiny minority of self assessment tax return filers (including registered pension schemes set up under trust) for whom facilities to file online are not yet available. HMRC will allow extra time (until the 31 January deadline) for those taxpayers to file paper returns. HMRC is looking at ways of extending its online tax return filing service to include all self assessment filers.
21 March 2007 © Moneyextra.com
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