What's The Latest Date I Must Submit My Tax Return If I Want The Inland Revenue To Calculate My Tax Liability?
Answer:
The deadlines depends on whether or not you apply by post or online. For postal applications, if you want the Inland Revenue (now part of Her Majesty's Revenue and Customs ~ HMRC) to calculate your rates then you need to submit the self assessment form by 30th September for the year that ended on the previous 5th April. They will next tell you what to pay by the following 31st January. They will also then collect the money by adjust your tax code if it's less than £2000.
Although it is risky, you can still send your import tax return to HRMC after 30th September. If they are able to process it by 30th December, then they will still calculate your rates and try to collect tax through your tax code, though they won't be able to promise to give an account you what to pay by 31 January. This means that you may face penalty for late payment.
For online filing, using the internet, the deadline is 30th December if you want the money to be collected via your export tax code. But if you are happy to pay the amount owing directly to HRMC, you can leave it until 31st January.
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