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You may have read about the recent furore concerning the proposed changes to the filing deadlines for tax returns. For those of you that haven’t, Lord Carter of Coles has recently undertaken a review of Revenue and Customs online services. His recommendations were announced in September of 2006.
Traditionally, taxpayers have had until 31st January to file their tax return. What Lord Carter proposed was to have all “paper” tax returns submitted by that earlier date, with an extension for those filing online to the 30th November. Following discussion with the various taxation and accounting bodies, Lord Carter has partially repealed these proposals. From 2007/08 we will now enter a regime where “paper” tax returns are filed by 31st October and “online” tax returns by 31st January.
These changes will affect all personal, partnership and trust tax returns. The professional bodies have warned that difficulties may still be faced by unrepresented and “non-IT literate” taxpayers who may need to file paper returns and/or might find themselves without the necessary information at 31st October.
At mfg Solicitors LLP we presently use the market leading taxation software in the preparation of all client tax returns. MYOB have been providing taxation software to professional practices since 1984, longer than any UK software supplier. Their PerTax software is the most widely used personal taxation system in the UK and is used to submit over one million tax returns each year.
Following the outcome of the Carter Review mfg have implemented MYOB’s on-line filing software FBI. This will enable mfg to take advantage of the extended deadline for online filing on behalf of both new and existing clients, offering the service provided by larger firms, but without the associated costs.
For a review of your income tax affairs, or to discuss whether the Carter Review will affect you please contact Steven Holden at our Halesowen office on 0845 55 55 321.
If you would like to talk to us about any of our services, please contact us.
