Self-Assessment Tax Return Deadline Approaches In UK

by Robert Lee, Tax-News.com, London

09 October 2008

Small businesses have been reminded this week that those filing a paper self-assessment tax return have until October 31, 2008 to do so, or will face a GBP100 fine.

This year is the first time there have been two separate deadlines for paper and online tax returns, instead of one all-encompassing deadline previously at the end of September.

According to statistics, more than nine million taxpayers must submit a self-assessment tax return to HM Revenue and Customs each year.

Chas Roy-Chowdhury, head of taxation at the Association of Chartered Certified Accountants, explained:

"It is really important to keep all records and receipts.

"There is no telling if and when the taxman wants to check paperwork. He imposes fines of up to GBP3,000 if records are not traceable."

While the biggest change this year is perhaps the January 31 online self-assessment tax return deadline, taxpayers should also expect the forms to look slightly different from 2007.

Last year, nearly four million taxpayers filed their self-assessment tax return online, rather than by post.

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