By now, if you’ve got to file a personal tax return for the 2011 tax year, you should either have received one or a letter saying so. The deadline for submission of tax returns is 31 January 2012, so there is plenty of time at the moment. However, there are a couple of reasons why you might want to get it sorted sooner rather than later:
- You will know if you owe any tax sooner, so will be able to prepare accordingly. Personal income tax and national insurance is payable by 31 January 2012.
- You may need the same figures to renew your tax credit claim. The deadline for notifying the tax credit office is 31 July 2011.
- The penalty regime has changed for late filing, and is now much greater. For instance, a tax return filed 6 months late could attract penalties of at least £1,300.
So it makes sense to get your tax return submitted. We can help, see here.