HMRC has published guidance for tax agents and advisers to help them manage the 31 January 2014 self assessment deadline. If individuals haven’t sent in their tax return yet they must be filed online by midnight on Friday 31 January 2014 to avoid a late filing penalty.
The new rules for repaying child benefit through the High Income Child Benefit Charge will mean there will be many taxpayers filing a tax return this year for the first time.
It is important for these taxpayers to be set up in good time if they have still to register for self assessment. To do this, use form SA1 Registering for Self Assessment and getting a tax return which can be completed and sent to HMRC online. It can take a few weeks to get the necessary Unique Taxpayer Reference and subsequently to register to file online.
Don’t forget too that the £100 fixed rate penalty for filing late is now levied regardless of whether or not there is actually any tax unpaid at 31 January. This will feel particularly harsh for taxpayers who are due a repayment.