Happy New Year, it is time to start thinking about that fast approaching tax return deadline!
If you are a business owner or registered as self-employed you have already missed the October 2009 deadline for paper returns for the financial year 2008-09. However, you can still file your tax returns online via the HMRC website.
On the HMRC site all tax is automatically calculated, you receive an email stating that your tax return has been received and it is as simple as that. However, if you have only recently formed your company and have not registered on the HMRC website previously, you must take into account the fact that you will need to submit all your information to register on the site and then wait for the HMRC to send you a activation code. Only then can you register your tax returns online. If you are planning to wait until the last minute, bear in mind that an activation code can take up to a week to get to you and if you do not complete your tax return on time, you may risk a one hundred pound fine.