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HMRC reminds contractors to file self assessment on time

freelancesupermarket.com newsroom

RSS 03 October 2010
The deadline for filing self-assessment tax returns is looming and freelancers who have any doubts about completing their returns might want to consider visiting an accountant.

Anyone who misses the deadline of midnight on the 31st of October will receive a penalty charge of £100.

75% of people already file their tax return online and HMRC is encouraging taxpayers to use this method. It's easy to do and you have a further 3 months in which to do it, a spokesman from the department pointed out.

There are other advantages to online filing. You receive an immediate online acknowledgment and your tax is calculated automatically. Plus your return will be processed faster and therefore if you've paid too much tax, you will receive your repayment more quickly.

In 2009/10 around 87% of the 2,467,421 people who filed a paper return got it to the Revenue before the deadline.

This year, HMRC is asking agents to encourage their clients to get the paper returns in on time. Stephen Banyard, a director of the Business Customer Unit at the Revenue pointed out that a large proportion of people who use self assessment rely on agents to provide them with information.

He went on to say that people who persistently filed their tax returns late are more likely to be subject to an investigation than taxpayers who file by the deadline.

HMRC has just launched three new toolkits for agents that cover expenses and benefits from employment, VAT input tax and inheritance tax. The toolkits are free and whilst their use is not compulsory, they have been designed in conjunction with agents and are simple to use.

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Image: Hourglass (86/365) by swimparallel

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