New 31st October deadline for paper self assessment returns

As we reported back in April, from this year there is a new 31st October deadline for people filling in a paper self assessment return.

In previous years, the SA deadline for both paper and online returns was 31st January. The online deadline remains the same, but in an effort to wean taxpayers off the paper method, the earlier deadline applies. There is a £100 penalty for late submission of paper returns.

HMRC suggests getting organised in advance if you intend on submitting a paper return. You will need to get your tax information ready - such as your P60, self employment accounts, records of your savings and investments, and details of any untaxed income.

Self Assessment Online

The alternative is to file your SA return online. All you need to do is register on the HMRC website at http://www.hmrc.gov.uk/sa and click 'Register for Self Assessment Online'. Your tax will be calculated automatically, you get an immediate online acknowledgement once you've filed, and it's processed faster.

Whichever method you choose to use (paper or online), you need to pay any tax liabilties by 31st January 2009.

Once you've filed your return, any tax due has to be paid by 31 January, whether you file on paper or online.

Help and advice on completing your Self Assessment tax return is available on the HMRC website at http://www.hmrc.gov.uk/sa or from the Self Assessment helpline on 0845 9000 444 (8am to 8pm).