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Tax Return deadline 48 hours

Just in case you missed it, midnight on Monday is the deadline you need to meet to file your 2010 tax return and avoid a late filing penalty. Any tax you owe should also reach the taxman at the same time at the latest if you are to avoid paying interest.

You can pay online these days using HMRC’s website and a debit card (so you don’t need internet banking!). They do accept credit cards but I would not recommend it – they charge 1.25% for the privilege! And your credit card will treat it as a cash transaction as well so costs you even more!

If you are late paying, try to settle before 28 Feb or you will get a 5% fine on any unpaid 2009-10 tax, this on top of late payment interest. Should you expect to struggle to pay what you owe by the due date you should talk to HMRC ahead of 28 Feb – if you have an agreed payment plan in place with them before 28 Feb no 5% fine!

Now, if you are one of the unfortunate who cant get their return in on time, do not despair. If you know roughly what you owe for 2009-10 make sure it is paid by 31 Jan (midnight). When you do file your return you will still get a penalty BUT if the tax owed to HMRC at 31 Jan (after taking account of your payment) is nil, or less than £100, the penalty will be reduced to the same amount as the tax that was owed at 31 Jan, or to nil where your tax owed is nil.

Of course, if you need the help of an accountant, we’re glad to step in for you (though we cannot do anything before 31 Jan, sorry). And if you have decided you don’t want the hassle for your next tax return just get in touch and let us deal with it for you.

 

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