The final deadline for submitting your 2005/06 tax return is 31 January 2007. If you are one of the 900,000 people each year who fails to file their tax return on time, you could receive an automatic fixed fine of £100.
Approximately 9 million people are required to file returns and, every year, a tenth of them do so late. So the sooner you start to prepare, the easier it will be to make the deadline.
According to IFA Promotions, errors and miscalculations on self-assessment returns cost UK taxpayers £487m last year.
If you want to complete your tax return online, you will need to register first and wait for a user ID number and password to arrive in the post. This process typically takes a few days.
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Did you know?
By law you must keep records of all income for 22 months after the end of the tax year, or for 5 years and 10 months for those carrying on a business or who have income from letting out property.
If you would like to find out more, please email or contact us for further information.
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