October isn't a month normally associated with big important dates as far as direct taxes are concerned, however this year looks like its going to be a little different.
Yes, there are the usual deadlines we see every October, the need to notify HM Revenue & Customs of new sources of income by the 5th October, and the filing of paper tax returns by the 31st October, but what else is there?
Well this month has seen the end of HM Revenue & Customs amnesty for those with unsubmitted tax returns in years prior to 2011. After this Tuesday HMRC will use its legal powers to
pursue those who have failed to submit self-assessment forms and have tax
payments outstanding. Letters have been sent to those who have gaps in their returns records, the amnesty was aimed primarily at higher-rate taxpayers.
So what else do we have, well we see the continued introduction of the new style of penalties for non-submission of tax returns, so that 31st October deadline will have some added significance this year. Previously this only meant a £100 fine, but that has now escalated (with daily charges) to a possible maximum of £1,200! Of course, if you can get online to submit your return you should still be able to avoid this if you file before the end of January. This does not just apply to individuals, but to trustees as well. Make sure you're not caught out...
