The deadline to submit your paper tax return is fast approaching.
Self-assessment taxpayers have until the 31 October to complete and submit their paper tax return to HMRC. Failure to do so will result in an automatic fine of £100.
Over 10 million people submit a self-assessment tax return (SA100) to HMRC each year. The deadline for paper tax returns is on the 31 October, however if you file online the deadline is on the 31 January.
According to Which? 15% of taxpayers sent a paper tax return last year. 85% of taxpayers are now submitting their returns online.
For online returns, you must register in advance on the HMRC website. Once set up an activation code will be sent by post in order to active your online account within 28 days.
Submitting your return online has five stages:
- fill out personal details
- choose the appropriate sections on your return
- fill in the figures correctly
- run through everything – make sure everything is correct and complete
- submit your return and receive an on-screen confirmation.
The government plans to move away from paper tax returns to a fully-online process by 2020. People and businesses are to be given individual digital accounts that will allow them to submit tax information regularly in real-time.
The process is expected to start in 2016 with 5 million small businesses and 10 million individuals.