Money alert: Tax return deadline is looming

 

Simon Read
Saturday 25 October 2014 00:43
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If you don't complete your tax return by the end of October, you could be in line for a fine. Paper self-assessments must be returned to HM Revenue & Customs by this Friday – 31 October.

Miss the deadline and you'll get a £100 fine. However, you have until the end of January to file online. For help call the self-assessment helpline on 0300 200 3310.

Meanwhile, the net is closing in on people who have invested in deliberate tax-avoidance schemes. HMRC has sent 600 "accelerated payment notices" – which gives recipients 90 days to pay – to those it believes may have used the schemes. It will be sending 2,500 a month by January and expects to have targeted 43,000 people, covering £7.1bn of disputed tax, by April 2016. The average demand is around £155,000, but in some cases may be more than £1m.

The Treasury Secretary David Gauke said: "It is only fair that those who use avoidance schemes should have to pay their tax upfront, like the vast majority of other taxpayers who don't try to shirk their responsibilities."

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