With just two weeks until the October 31 deadline, Alastair Douglas, CEO of TotallyMoney says 300,000 people will be filing paper self-assessment tax returns by post. Alastair said: “While most people will be waiting until the new year to file their self-assessment tax return online, some with more complicated affairs might be rushing to meet the October 31 paper deadline. And that might include you if your finances involve foreign income and tax credits, or that from a trust or estate.”
“All the relevant forms and information can be found and downloaded from the Gov.uk website, and it might take some time to work through them. So, if you’ve not yet started, remember that you have just under two weeks to complete and send your tax return. Any later, and you might find yourself getting fined £100 – even if there’s no tax to pay.”
“Another option is to seek professional assistance from an accountant. Especially if you’re dealing with various income streams or large sums of money. An accountant might also help you become more tax-efficient, and they buy you more time by enabling you to submit your return in January.”
“If you’re struggling to complete the forms yourself, then contact HMRC as soon as possible on 0300 200 3310, or through their online portal. And if you’re having difficulty due to special circumstances, disabilities or vulnerabilities, whether they’re sensory, learning, or physical, then reach out to their extra support team . They’re on hand to help via video appointment or phone call, and should be able to make things easier.”
“Tax can be taxing, but getting on the front foot can make things easier. So if you’re one of the 300,000 people planning on filing a paper self-assessment tax return this year, try and make some time this weekend to download the correct forms and get started.”