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Self assessment key dates

If you completed a paper Tax Return for 2006-07 and sent it back by 30 September 2007, HM Revenue & Customs (HMRC) will:

• Calculate your tax
• Tell you what to pay by 31 January 2008
• Collect tax through your tax code, if possible, where you owe less than £2,000

If HMRC received your paper Tax Return after 30 September and process it by 30 December, they will still calculate your tax and endeavour to collect tax through your tax code but they can't guarantee to tell you what to pay by 31 January 2008.

If you were sent a Tax Return by 31 October 2007, the deadline for sending back your completed 2006-07 Tax Return is 31 January 2008.

If you were sent a Tax Return by 31 October 2007, you will be charged a penalty of £100 if HMRC have not received your return by 1 February 2008.

The new tax year starts 6 April 2008. A Tax Return or Notice to Complete a Tax Return (SA316) will be sent out to all those who meet the criteria to get a Tax Return each year.

If you require any further information about the services that we provide or would like to review your financial planning position, please email or contact us.

Levels and bases of, and reliefs from, taxation are subject to change.

This article is for your general information and use only and is not intended to address your particular requirements. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. Any references made to the Pre-Budget Report may be subject to the Finance Bill becoming law.

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