Time Limits.
It is important to make sure you comply with deadlines. Missing a deadline can be expensive as automatic fines, penalties and interest charges can very quickly balloon from a small debt to a big problem.
Your first deadline is 30th September. By then the tax office must have received your completed return if you want the taxman to work out your liability for you. (To be clear, the tax return for the year ending 5/4/07 must be into the tax office by 30/9/07.) The final and ultimate deadline is the end of the following January (that is 31/1/08 per our example dates). Going for the January deadline means that you, or your advisor, must have calculated how much tax you owe. So, do you need some help?
These dates may sound a long way off, but basically, the sooner you start the better. Missing deadlines means an automatic £100 late filing penalty, AND interest charges on the unpaid tax.
Taxpayers face fines of upto £60 per day under the new Inland Revenue crackdown.
A piece of friendly advice. It is in your best interests to meet all deadlines.
'We allow the worker to work'
|
