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October 22, 2015
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Paper Peaks – The October 31st Deadline for Tax Returns

Most taxpayers submitting their 2014/15 tax returns by paper must do so by midnight 31 October 2015. The period before this date is known as ‘Paper Peak’ at HMRC as many taxpayers rush to submit their tax returns.

The Self Assessment tax return is the crucial document for those with more complex tax affairs. Previous blog posts on who may need to submit a tax return and register for Self Assessment can be found here.

HMRC must receive paper tax returns by midnight 31 October 2015. Delays or loss resulting from postage are not acceptable excuses. Returns may also be submitted by hand to any of HMRC’s employed officers, letterboxes, and honesty boxes at ports.

Those failing to meet the paper tax return deadline face a £100 penalty for late submission. Those opting to file their tax returns online must submit them by midnight 31 January 2016. It is not possible to avoid a penalty by submitting an online tax return after a paper return has been submitted late.

Tax owed must be paid by midnight 31 January 2016. Outstanding amounts after this date will be charged interest and a penalty for late payment may be applied.

Contact us today to discuss your tax requirements.
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