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29th December 2011
Contractors warned about tax return deadline
Contractors are being warned that they need to send in their online Self Assessment tax return and pay their contractor tax by 31 January or they will face an automatic fine.
It is now too late to send the Self Assessment tax return by post so it must be done online – filing a hard copy tax return after 31 October will generate a £100 fine, as will any late online returns. Contractors are being warned that online filing requires registration which can take up to seven working days to activate so they must act now.
Contractors who have filed and paid their contractor tax online before should still have their activated user ID but are being urged to check as replacements could also take up to one week. HMRC said contractors and freelancers must not leave their online tax return submission arrangements until the last minute.
HMRC’s Stephen Banyard commented, “Missing the 31 January deadline will mean that Self Assessment taxpayers will face penalties. And we don’t want them to – we want the tax returns, not the penalties. We want people to file online and on time, and avoid facing a completely avoidable penalty.”
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