Taxpayers who are required to complete a Self Assessment tax return are being warned that a deadline for submission is rapidly approaching at the end of October. Taxpayers who need to submit a paper tax return for tax year 2018/19 must submit their Self Assessment return to HMRC by 31st October 2019. For those worried that this applies to them, tax preparation specialist and Managing Director of DSR Tax Claims Ltd David Redfern explains all about paper tax returns and who will be affected by this deadline.
When registering for Self Assessment, many taxpayers choose to complete and submit their Self Assessment tax returns online and those using HMRC’s online services have until 31st January following the end of a tax year to submit their tax return. However, not all taxpayers are able to use HMRC’s online service for Self Assessment. Redfern explains “There are several groups of taxpayers who are required to file a tax return but can’t use the online Self Assessment service – these include those who are in a business partnership as well as people who are completing a tax return on behalf of a trust or estate, those with income from a trust. Additionally religious ministers and Lloyd’s underwriters are unable to use the online service. With the exception of those completing a tax return for trustees of a pension scheme, those who can’t use the online service have the option of either paper tax returns or using commercial tax software – however, commercial software might not always be appropriate for those taxpayers. Those who need to return a paper Self Assessment tax return for 2018/19 must have completed and sent it to HMRC by 31st October so the deadline is now approaching rapidly”. Trustees of registered pension schemes are only able to submit a paper Self Assessment form but have the later deadline of 31st January.
Filing online has a number of advantages, not least that the deadline for submitting a Self Assessment tax return is three months later on 31st January. In addition to having longer to prepare and submit the tax return, those filing online have the peace of mind of an immediate acknowledgement that their tax return has been submitted successfully. Redfern adds “Those who file a paper return need to ensure that they include all of the relevant pages for their taxes – the basic paper return won’t include pages for UK property income, foreign income, chargeable gains or tax information for your partnership. You will need to download these separately or request them from HMRC. When looking at tax returns for partnerships, not only does each partner need to complete a Self Assessment for their share of the partnership income, a tax return also needs to be prepared and submitted for the partnership itself.” If a taxpayer has previously filed online, they will not be automatically sent a paper tax return so will need to arrange to have one sent or download a copy if they intend to use a paper return for tax year 2018/19.
Although the deadline for submission of paper Self Assessment tax returns is earlier at 31st October, the deadline for settling one’s tax bill is 31st January, just as it is for those who file online. Redfern states “When sending a paper return, HMRC will calculate your tax bill using the information you supply through your Self Assessment and will then write to you to inform you of your tax bill. As with online filing, the payment deadlines remain the same with 31st January being the deadline for settling your 2018/19 tax bill as well as for making the first of any payments on account you may be required to make. The second payment on account is then due on 31st July. If you wish to make corrections or amendments to your Self Assessment, the deadlines are also the same as for online filing with the deadline for corrections to a 2018/19 tax return to be made by 31st January 2021”. If amending or correcting a paper tax return, the individual should download or request a new tax return and send any corrected pages to HMRC at their usual HMRC office address. The new pages should be marked with ‘amendment’ and should include the taxpayer’s name and UTR. Additional tax may be payable on receipt of the corrected return.
Paper Self Assessment tax returns for tax year 2018/19 should be received by HMRC no later than 31st October 2019.
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About DSR Tax Claims Ltd
DSR Tax Claims Ltd (company registration 11459292) are a firm of tax rebate specialists serving clients nationwide. DSR Tax Claims are tax preparation experts who specialise in identifying potential allowable expenses for tax rebates for clients. Their specialist team can help employed and self-employed subcontractors with all relevant paperwork to ensure their claim is handled in an accurate and efficient manner.
For more about DSR Tax Claims, visit https://dsrtaxclaims.co.uk/
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DSR Tax Claims Ltd
Company Registration: 11459292
Registered Office: Ground Floor, Seven Mile House, 1 Mansfield Road, Papplewick, Nottingham, NG15 8FJ