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More reasons why 31 January is important

Jan 14, 2013

The main ‘claim to fame’ for 31 January 2013 is that it’s the date on which

Your 2012 Tax Return has to be filed to avoid a £100 late filing penalty

Payment of any tax due for 2011/12 has to be made to avoid interest being charged

Your first payment on account of 2012/13 (if you’re required to make one) is due

However, there are three other reasons why this date is worth bearing in mind.

It’s the deadline for making an amendment to your 2011 Tax Return (for tax year 2010/11) - this means that if you've previously forgotten to notify HMRC of any income or expenses, or any reliefs or allowances that you're entitled to for 2010/11 - this is your last chance!

If you started as a self-employed person in 2011/12 and haven’t notified HMRC of the need to pay Class 2 NIC’s, it’s the last day you can notify them without receiving a penalty

It’s the last day you can renew 2012/13 tax credits (assuming that you missed the 31 July 2012 deadline and can prove there was a good reason why) or, if you renewed by 31 July 2012 using estimated figures, it’s the deadline for providing final income figures for 2011/12 

If you or anyone you know needs help or advice completing a 2012 Tax Return, or making amendments to a 2011 Return, feel free to give us a call on 0161 266 1036 or pass on our details.


Category: Tax