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Lax on tax? It can cost you PS1,300; Get those returns in by Jan 31.

Byline: MONEY with Melanie Wright

MORE than four million people have less than three weeks to submit their tax returns... or risk a PS100 fine.

Around 10.5 million people have to file self-assessment tax forms for the year ending April 5, 2012.

But so far only 4.6 million have got their returns in before the online deadline of January 31, while an estimated 1.75 million people submitted paper returns in time for the deadline, which was October 31 last year.

Anyone who misses the online deadline on January 31 will by hit with an automatic PS100 fine, even if they don't owe any tax.

The penalties get worse the longer you leave it. If you miss the deadline by three months, additional daily fines of PS10 up to a maximum of PS900 will apply. After six months, a further penalty of five per cent of the tax due or PS300, whichever is the higher, is imposed, and after 12 months an additional five per ONE 10 parents dipped given to for Christmas A third of by co.uk used clear cent or PS300 is charged. debts.

According to HMRC (Her Majesty's Revenue & Customs), more than half a million people were charged penalties of PS1,300 for failing to file their 2010/2011 tax returns on time.

This was made up of the PS100 fine for missing last year's January deadline, a maximum PS900 in daily penalties after three months, plus the further late penalty of PS300 or five per cent of tax due.

People who have to fill in a tax return include the self-employed, company directors, anyone who have rental or other income from property, and anyo new h o has income which is not taxed before they receive it.

Next year, hundreds of thousands more people will have to fill in a tax return under changes to the child benefit system. Society rates per cent. two-year per cent for with a 10 per fee Families where one parent earns PS50,000 or more and who didn't opt out of receiving the benefit by January 6 will have to fill in a return by January 31, 2014, so that the cash can be clawed back in tax.

If you have not yet registered to file an online tax return for the 2011/2012 tax year, make sure you do so by January 22 at the latest. This will allow HMRC time to send you your Activation Code which can take up to seven working days to arrive.

Register at www.hmrc.gov.uk/online - you need to know your Unique Taxpayer Reference, which should be on any tax correspondence you have and your National Insurance number.

Once you've done this, you will need to gather together all your relevant paperwork.

If you are self-employed, you will need your accounts for the year, including purchase and sale ledgers and petty cash books, as well as invoices and details of any expenses and receipts.

You have to keep records of all personal or non-business information used to complete your tax returns for 22 in have into money their children to pay bills. people asked MyVoucherCodes.

it to help Christmas months after the end of the tax year they relate to, or for five years and 10 months for business records. There is a maximum penalty of up to PS3,000 for each tax year for which records have not been kept.

If you are employed and have to fill in a tax return, you will need your form P60 which should have been given to you by your employer. This will show your earnings for the Year.

You will also need your form P11D, which shows any.company benefits for the year, and again you should have been given this by your employer. You will also need your payslips.

If you are an investor, you will need any dividend vouchers and interest certificates from banks or building societies.

YORKSHIRE Building has cut mortgage by up to 0.35 Offers include a fixed deal at 3.79 homebuyers deposit of just cent (PS995 applies). And if you let out a property, you will need to produce rent records.

Once you have submitted there l e v an t information, the online service will automatically calculate how much tax you owe. If the total of your business profits and any other taxable income is more than your tax-free allowances, you'll pay tax on the difference. Remember to save a copy of your final return and print a copy of your receipt.

FOR help and advice on completing your return, go to www.hmrc.gov.uk/sa or call 0845 9000 444.

months of ONE in 10 parents have dipped into money given to their children for Christmas to pay bills. A third of people asked by MyVoucherCodes.

co.uk used it to help clear Christmas debts.

which not been or let YORKSHIRE Building Society has cut mortgage rates by up to 0.35 per cent. Offers include a two-year fixed deal at 3.79 per cent for homebuyers with a deposit of just 10 per cent (PS995 fee applies).

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Title Annotation:Business
Publication:Sunday Mirror (London, England)
Date:Jan 13, 2013
Words:861
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