Tax Return deadline - 31 October 2010

[FitnessTaxReturns]

If you, or your accountant, plans to send a Paper 2010 Tax Return to the HMRC, then the deadline for such paper Returns is 31 October 2010 (which is a Sunday, so I suggest the real deadline is Friday 29 October)

Any paper Tax Returns received after 31 October 2010, will attract an automatic £100 late filing penalty.

The Online Tax Return filing date remains 31 January 2011. (which, at the date of posting this, is less than 4 months away, and with something called Christmas and New Year in between..)

If you need any help with your Tax Return, please visit my website.

www.FitnessTaxReturns.co.uk

[MattBrinkley.InspiringFit]

I have a friend who became seole trader and self employed as a swimming coach in May this year. He asked me if he needs to submit a return for Jan 2011. I am unsure so canot help him. Does he need to?

Thanks

[FitnessTaxReturns]

Hi Matt. The straight answer is no.

If he started s/employment in May 2010, then the HMRC will expect his first Tax Return be the 2011 one.

In other words, he will need to declare his first income and expenses for the period May 2010 to, say, 5 April 2011, and this will be shown on the 2011 TR issued in April 2011. The deadline for submitting that Return will be 31 January 2012 (or 31 October 2011 if a paper one).

31 January 2012 will also be the due date for his first instalment of tax.

So your friend can relax in January 2011 while nearly everyone else is in a spin!

Garry
www.FitnessTaxReturns.co.uk