Tax return time

Wednesday 31 January is the deadline for submitting your 2016/17 self-assessment tax return online – the paper return deadline was 31 October. Miss the deadline and you could face an immediate £100 penalty, even if HMRC owes you money.

Since September HMRC has started to remove some taxpayers – mainly pensioners – from the self-assessment return regime by the introduction of ‘simple assessment’. Under this system, HMRC uses data it already holds to calculate the tax due and issues the taxpayer with a tax calculation. Be warned: if you receive an HMRC calculation, you have only 60 days to raise any queries.

The Financial Conduct Authority does not regulate tax advice and tax laws may change.

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