03 Sep Paper Self Assessment return deadline
Taxpayers that continue to submit paper Self Assessment returns are reminded that the deadline for submitting the 2014-15 return is 31 October 2015. Late submission of a Self Assessment return will become liable to a £100 late filing penalty. The penalty will apply even if there is no liability or if any tax due is paid in full by 31 January 2016.
We would recommend that anyone still submitting paper tax returns consider the benefits of submitting the returns electronically and benefit from an additional three months (until 31 January 2016) in which to submit a return.
Taxpayers with certain underpayments in the 2014-15 tax year can elect to have this amount collected via their tax code (in 2016-17), provided they are in employment or in receipt of a UK-based pension. The coding applies to certain debts and the amount of debt that can be coded out ranges from £3,000 to £17,000 based on a graduated scale. The maximum coding out allowance only applies to taxpayers with earnings exceeding £90,000. The deadline to apply to have tax collected through your tax code is 31 October 2015 for a paper return and 30 December 2015 for electronic submissions.
Taxpayers that receive a letter informing them that they have to submit a paper return after 30 July 2015 have an extended deadline which runs for three months from the date they received a letter to submit the paper return.