31 July 2010 is an important deadline in the self assessment calendar and also the renewal deadline for tax credits.
Below are a list of items that need to be completed by this date.
2008/09 Self Assessment Tax Return
- Outstanding returns for 2008/09 should be submitted or incur a £100 penalty.
- No penalty will be due if the taxpayer has a reasonable excuse for late filing.
- The £100 penalties together cannot exceed the tax and Class 4 NIC for 2008/09 which was outstanding at 31 January 2010.
- However, for anyone whose return for 2008/09 is late, a £100 penalty is probably the least of their problems. They are likely to be receiving frequent chasing letters and phone calls from HMRC. HMRC can also charge daily penalties of up to £60 a day, which cannot be reduced even if the tax has been settled.
2008/09 Tax Payments
- The due date for self assessment tax and Class 4 NIC for 2008/09 was 31 January 2010. Any amount still outstanding should be paid by 31 July 2010 or incur a 5% surcharge. Interest will also be charged on amounts paid late.
- HMRC will consider time to pay arrangements for those with genuine payment problems.
2009/10 payment on account
- The second self assessment payment on account (POA) for 2009/10 is due on 31 July 2010.
- Interest is due on late POAs but there are no surcharges.
- 2009/10 POAs can be reduced using form SA303, in a letter to HMRC, over the telephone or by using HMRC’s online system. However, the reduced amount must be a realistic reflection of what the final 2009/10 bill is likely to be – HMRC can charge penalties if someone manipulates the system.
Tax credits
- 31 July 2010 is the renewal deadline for tax credits. This is the date by which claimants must give HMRC information about income and circumstances in 2009/10, in order to finalise a 2009/10 tax credits award and renew it for the current year, 2010/11.
