January 2007

Inland Revenue Self Assessment Tax Return Deadline
31st January 2007 is the deadline date for the return of the Inland Revenue self assessment tax return. In the UK more than 9 million people must submit their tax return by this date every year, but many thousands leave it right to the last minute.

Accountants, however have warned that even if you file your self-assessment form by January 31, it is possible that you could still be fined. In a recent statement the Inland Revenue said that as of this week just gone (8th January 2007) more than 3.5m people required to file a return for 2005-06 have yet to do so despite the threat of an automatic £100 fine if they miss the deadline.

Taxpayers are being urged to send in their returns as soon as possible, preferably online, and to be extra vigilant in recording when they file.

Tips for Sending in Your Self-Assessment Form

• If you are sending in a paper return check you have the right supplementary pages - Land and Property for rental property; Foreign for offshore investments and Capital Gains for profits on investments.
• You must complete a separate supplementary page for each job you hold.
• You do not have to include income from Peps or Isas and some National Savings and Investments deals. But remember to include all other forms of income.
• If you are higher-rate payer make sure any personal pension contributions you enter are before tax or you won't get the right tax relief. You can no longer 'carry back' contributions - using unused allowances from previous years.
• When you return a paper form don't forget to sign and date it. Keep a dated copy for your own records and to prove that you filed your return on time.
• If you want to file online and you have never done so before, act quickly. You have to register to obtain a user ID number and password, the the Revenue will send you an activation Pin within seven working days.
• Any tax owed needs to be paid by January 31. The first payment on account may need to be made for 2006-07 as well.