The deadline for completing paper self-assessment tax returns is fast approaching, ACCA (the Association of Chartered Certified Accountants) warns today. Forms must be returned to the taxman by midnight on 31 October.
You will also have to register for self-assessment if you claim child benefit and either yours or your partners earning has risen above ￡50,000 in the past year. The deadline for registering is 5 October. The deadline is irrespective of whether you wish to complete a paper return or online.
If you fail to file your tax return on time you will incur an immediate ￡100 fine, which will then increase the longer you take to bring your tax affairs up to date.
Chas Roy-Chowdhury, ACCA head of taxation said: 'Self-assessment has been with us for a long time now, but the government are bringing more and more people into self-assessment through the changes to child benefit. The result of this is more people are at risk of being caught by the penalties.
'As well as the ￡100 initial fine, there is a ￡10 per day cumulative penalty. Meaning after just three months you could be looking at a fine of at least ￡1000. Money that could make a huge difference to family finances. You can also be fined for submitting incorrect information, if you are unsure my advice would be to check with an ACCA accountant.'
The fines apply for late filing even if there is no tax owed. For more details, click on the website link via the 'Related Links' section, left of this article.
- ENDS - FOR MORE INFORMATION, PLEASE CONTACT:Notes to Editors
- ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
- We support our 170,000 members and 436,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of 91 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.
- Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers
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