insideKENT Magazine Issue 67 - October 2017 | Page 157

BUSINESS
TAX RETURNS
PAPER DEADLINE
EXTENDED –
BUT ONLY FOR
SOME
BY RICK SCHOFIELD, PARTNER AT WILKINS KENNEDY ASHFORD
‘TIS THE SEASON – FOR TAX RETURNS. IT MIGHT SEEM AS THOUGH
WE HAVE PLENTY OF TIME YET BEFORE WE HAVE TO FILE OUR TAX
RETURNS, BUT THIS QUARTER IS GOING TO BE A BUSY ONE, AND
BEFORE YOU KNOW IT THE DEADLINE CATCHES UP FAST.
The paper tax return deadline is Monday 31st
October. After that time, you will be able to
submit a return online until the deadline of
31st January. That feels like a long way off,
but, time soon passes and still a number of
people are not filing their returns on time.
HMRC has published a list of all-time worst
excuses for submitting late tax returns. Some
of our favourites included a wasp-related car
accident that resulted in the tax return,
apparently within the vehicle at the time, left
destroyed. We also particularly liked “my
husband left me and took our accountant with
him”, “my yacht caught fire” and “a rat ate it”.
On a more serious note, timing is key and the
better prepared you are, the less likely you are
to be caught out. Don’t think of leaving it until
Christmas Day either in the hope it will be
quieter – you will only end up battling 2,000
people having the same idea, or 5,300 people
on Boxing Day.
What’s more, HMRC has thrown an additional
spanner in the works this year. Some people
are being told that they must file their return
on paper. This is because in the tax year
2016/2017, a new dividend allowance and
personal savings allowance were introduced
and the added complexity in the tax calculation
has left HMRC unable to ensure that their
software produces the correct tax
computation. This could mean some people
may pay more tax than is necessary.
It is hoped that this will be fixed in time for
the 2017/18 returns, but in the meantime,
taxpayers may not be able to file their tax return
online if they have a combination of income
types. Instead they will need to file their returns
on paper. The good news is that HMRC
recognises that this is an error on their part,
so they have set the paper deadline to be the
same as the online one for those individuals.
However, this is for this year’s returns only
and is solely for those individuals who have a
complex income structure. If you aren’t sure,
please check with an accountant as they will
be able to help.
Your accountant will also be able to guide you
if you aren’t sure about whether you should
be filing a return. Chances are, if you are self-
employed then you will need to file a tax
return. Even if your self-employment is not a
full-time occupation, for example, if you run
a part-time business or a property portfolio.
You can also check out your status online
here: www.gov.uk/self-assessment-tax-
returns/who-must-send-a-tax-return.
We can also help you to uncover any hidden
opportunities for tax relief, pension
contributions or Gift Aid payments. For
example, did you know that subscriptions to
professional bodies are tax deductible? Have
you looked at any business mileage that has
not been recompensed by the company?
These are all things that we can do to
help you.
Contact us in Ashford, Canterbury,
Maidstone, Orpington and Sandwich to see
how we can help.
Local offices:
Ashford: 01233 629 255 / Canterbury: 01227 454 861
Maidstone: 01622 690 666 / Orpington: 01689 827 505
Sandwich: 01304 249 997
If HMRC have asked you to submit a tax return
even if you didn’t do any trade or you didn’t
make any income, you will still need to file a
return and you will still be hit with a £100
penalty if you miss the deadline, with
additional penalties the longer you leave it.
Here at Wilkins Kennedy, we work with
hundreds of individuals to file their tax returns.
www.wilkinskennedy.com
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