29 October 2013
Paper self-assessment tax returns could save you time compared to the online version, but the deadline is looming - submit yours by Thursday 31 October.
Time is running out for business owners and entrepreneurs who have chosen to complete a paper version of their tax return.
Although filing self-assessment tax returns online is now very popular, many people choose to fill out paper versions of the forms. One of the main reasons for this is that with paper returns, HMRC will calculate the amount of tax you need to pay. If this is less than £2,000, the amount can be collected through your tax code so there isn’t a lump sum to pay straight away, like there is with the online method.
Businesses with a turnover of less than £70,000 also only need to fill in a shorter form if they choose the paper method, which is particularly useful for start-ups with limited time and resources. Every business owner who submits their self assessment tax return online has to fill in the full form, which asks for details of savings, investments and pensions.
With a deadline of midnight on Thursday, 31 October, there is now very little time left to finish the paper return and get it posted to HMRC. Missing the deadline could lead to a fine of £100 or more.
Set aside some office time to concentrate on your tax return and follow our tips for getting your form finished on time: