Get Ready for Your Paper Tax Return: Key Deadlines and Tips
The deadline for submitting your self-assessment tax return for 2023/24 on paper is approaching fast. Here’s what you need to know to avoid fines and get your taxes filed on time.
Paper Tax Return Deadline:
If you prefer the traditional paper method, make sure your completed tax return reaches HMRC by midnight on 31st October 2024. Missing this deadline will result in a £100 fine, with potential additional charges the longer it’s delayed.
Tip for Late Requests:
If HMRC sent you a request to complete a 2023/24 tax return dated 1st August 2024, or later, your deadline extends to three months from that request date, for both paper and online submissions.
Exceptions to Know:
There are situations where HMRC might accept a paper return after 31st October without fining you, as long as it’s before 31st January 2025. Check HMRC’s list of exceptions to see if you’re eligible. This is also important to note if filing online, as some situations might require a paper submission.
Missed Deadlines:
If you’re nearing the October paper tax return deadline and aren’t ready, consider filing online instead. This gives you until 31st January 2025, to submit without penalties. Sign up for HMRC’s online services or opt for affordable self-assessment software to streamline the process.
Don’t Forget About Payments:
Regardless of how you file, remember that your self-assessment tax payment for 2023/24 is also due by 31st January 2025. Paying late will incur penalties.
Stay proactive, plan ahead, and ensure your taxes are sorted to avoid any last-minute stress or fines. If you’re unsure about any part of the process, reaching out to a tax professional can provide clarity and peace of mind.
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