Old Mill warns – Don’t miss January tax deadlines
31st January is an important deadline for both individuals and Trusts, as 2005/06 Personal and Trust Tax Returns must be completed and filed by this date. Late returns can lead to the imposition of fines.
The 31st January is the last day for filing 2005/06 Personal and Trust Tax Returns and, if you haven’t already; you should now be looking at completing your Tax Return before it’s too late. You will need details of all income earned during the year, such as P60s and P11Ds from any employment, income and expenditure for any trades or properties rented out, certificates of bank interest and dividend vouchers etc, and also details of any assets sold during the year that may be liable to Capital Gains Tax. If you find out now that you are missing anything you may be able to request it in time to complete your Tax Return before the deadline, but if you leave it until the last minute you may find you can’t get all the information you need.
A tax return can become complex and many people end up paying more tax through self assessment than they need to. People may initially be reluctant to spend money using a professional accountant however it has often been shown to be a wise investment. The Tax Team at Old Mill are happy to assist with any tax issues you may have. Old Mill can also advise on appropriate tax reliefs that you may be eligible for, helping you to save on tax.
Catherine Vickery, Taxation Manager at Old Mill, comments “We are happy to assist you, but please remember that we can’t perform miracles and complete Tax Returns if we don’t have all the information! We can of course help by advising you exactly what is needed, but with the deadline looming we would be keen to hear from you sooner rather than later.”
Taxpayers not filing their Tax Return by 31st January will be liable for a £100 penalty if they have an outstanding tax liability. If you are unable to file your Tax Return by the deadline you can avoid paying the £100 penalty by estimating and paying your tax liability for the year. This is because the penalty is the lower of £100 and any outstanding tax as at 31st January. Catherine Vickery suggests, “If you are using estimated figures do err on the side of caution, as an underpayment may still mean a penalty is due. Any overpayments can be reclaimed at a later date when the Tax Return has been filed and processed.”
For further information or assistance with your 2005/06 Tax returns please visit www.oldmillgroup.co.uk
Ends.
High resolution photograph of Catherine Vickery (354KB)
Press release issued by Danielle Delaney at Publicity Matters. For more information please contact Danielle at danielle@publicitymatters.com or on (01275) 544116.