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FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

UK Tax 2006-07 Self Assessment Tax Return Filing Deadlines - 31st Jan 2008

Personal_Finance / UK Tax & Budget Apr 02, 2007 - 07:53 PM GMT

By: Shahla_Walayat

Personal_Finance

UK Tax 2006-07 Self Assessment Tax Return Filing Deadline - 31st January 2008With the new tax year starting, this is a good time for a reminder of the key self assessment deadlines for the 2006-07 tax year, to ensure you plan well ahead and don't miss the key dates and end up with extra work or penalties.



Key points are -

  1. You must file your tax return with the Inland Revenue AND make payment by midnight Wednesday 31st of January 2008 to avoid penalty charges.
  2. Failure to file your self assessment tax return by midnight 31st January 08 will result in an automatic £100 fine.
  3. Ensure that you have all the necessary forms that need to be completed. If not then visit your local tax office to get them.
  4. If you are completing by hardcopy, then hand deliver the report to your local tax office rather than rely on the post.
  5. To complete the form online you must already be registered for online self assessment, if you are not already registered then it is now too late to file your tax return on line as it can take 1 to 2 weeks to obtain your password for online access to the Inland Revenue portal.
  6. If you are registered to file your return online then try not to leave it until the last day, when demand for the Inland Revenue website will be high, with some 9 million returns expected and approximately half filed online. Also note - NOT ALL forms can be completed online, so double check now rather than leaving until the last minute.

A summary of the key Tax Dates for the Tax Year ending 2006-07.

Key Dates
What Happens / Why Is This Date Important?
6 April 2007 This is when the 2007-08 tax year starts. A 2006-07 Tax Return or Notice to Complete a Tax Return (SA316) is sent out to all people who get a tax return each year.
31 July 2007 Second automatic penalty of £100 charged if your 2005-06 Tax Return was due back by 31 January 2007 but it has not been received.
30 September 2007 If you are completing a paper Tax Return for 2006-07, you must send it back by this date if you want the Inland Revenue to :
  • Calculate your tax
  • Tell you what to pay by 31 January 2008
  • Collect tax through your tax code, if possible, where you owe less than £2000.
Though a return received by 31st December 07, will still be calculated, but they may not be able to inform you of your tax liability by 31st Jan 08
30 December 2007 Online tax returns must be filed by this date if you want the inland revenue to
  • collect tax through your tax code, if possible, where you owe less than £2000 in the 2008-09 Tax year.
31 January 2008 If you were sent a Tax Return by 31 October 2007 this is the deadline for sending back your completed 2006-07 Tax Return
1 February 2008 If you were sent a Tax Return by 31 October 2007 you will be charged a penalty of £100 if the Inland Revenue has not received your return by this date.
28 Feb 2008 Automatic 5% surcharge if you have not paid in full tax due for 2006/07 by this date.
6 April 2008 The new tax year starts. A Tax Return or Notice to Complete a Tax Return (SA316) will be sent out to all people who meet the criteria to get a Tax Return each year.

 

So in total you now have some 10 months to complete your self assessment returns. Make a plan of what you are going to do and when, i.e. you could start this month by making sure you have all of your receipts and paperwork at hand, place it on a box file labled 2006-07. Next use an Excel spreadsheet to list all of your income and expenditure. Don't leave it until the 31st of Jan 08, only to find out that the civil servants have gone on strike again !

To help you calculate your tax, use our online tax calculator (update due late April 07), and in answering your queries at the http://www.moneyforums.co.uk website.

By Shahla Walayat

http://www.moneyforums.co.uk

Copyright © http://www.moneyforums.co.uk 2007 - All Rights Reserved

The UK Money Saving & Investing Forums is a free online publication providing, FREE Online Tools including Credit Score Calculator and the Savings Calculator . Money Saving Guides such as Credit Card Stoozing , Savings Tree , Money Saving Guide . Personal Finance Discussion Forums open to ALL, supported by experienced moderators, to discuss any personal finance topics from 0% Credit card deals , to the state of the Housing market . The best Savings & Deposit Accounts etc. This article maybe reproduced if reprinted in its entirety with links to http://www.moneyforums.co.uk


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