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Lawyers advising on taxing changes
Published January 2008
The taxman will be putting more pressure on tax payers to cough up on time in 2008, according to advisers at law firm MFG Solicitors.
Tax expert Steven Holden said that having got used to filing and paying up by January 31 each year at the latest, taxpayers would now only have until October 31 in 2008 to file their returns – unless they choose to file online.
“Tax returns for the period to April 5, 2007, have to be in by January 31 and all tax due must be paid. Failure to do so results in an automatic £100 fixed penalty,” he said.
“The penalty can be more if the tax is paid late and can include interest. In the run up to January 31, you are responsible for calculating your own tax. You had to submit your return by September 30, 2007, if you wanted HMRC to calculate it.”
But he said that this would all change in 2008, following the review by Lord Carter.
“For the tax year ending April 5, 2008, returns must now be submitted by October 31 in the same year. The date for payment of tax, however, remains as January 31 in the following year.
“If you want to file online then you have a special dispensation until January 31, 2009. The whole emphasis seems to be biased towards pushing people to file electronically,” he said.
“At MFG Solicitors we can offer clients online electronic filing facilities and as tax professionals we will calculate tax liabilities and advise when payments have to be made. This is in addition to our more traditional tax planning role where we advise on issues such as Capital Gains Tax, Inheritance Tax and so on.”
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