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The deadline to file tax returns for the previous tax year that ended 5th April 2011 is 31 January 2012. These returns can only be made online now. It is of greater importance this year to make returns on time as new penalties are in place. You will be charged £100 even if late by 1 day and £1300 if delayed by over six months, in addition you may be charged a percentage of the tax due.
If you are late with completion of your tax return, there are steps you can take to improve your chances of meeting the tax deadline.
Check you have all the information that you require to complete the tax return. Ensure you have requested interest details from your bank or building society and that you have a copy of your P60 and or P11D form.
If your tax return is complex, ensure you take advice. If not then read the notes provided by HMRC, they are very clear and helpful.
Register for online filing. HMRC will need to post you your log in and this could take at least one week to arrive.
Double check that all the figures you have entered are accurate.
Make sure you claim any allowances – these could be due on pension contributions if you are a high rate tax payer, gift aid and if you have contributed or invested in VCT’s or EIS’s. Please note that VCT, EIS and pension companies provide certificates which you should enclose with your tax return.
Lastly if your tax bill is too high, then you should contact one of our Financial Planning Consultants, at Pareto Lawrence we offer both Financial and tax planning advice to corporate and private clients.