SOLIHULL accountancy practice, Reynolds and Co is warning the region’s business community not to risk getting ‘tricked’ this Halloween by the impending HMRC tax return deadline – which falls on Saturday, October 31.
HMRC announced the deadline for submitting tax returns in paper form as Saturday – with the stern warning that any paper returns which are filed after this date will be classed as late, and may be subject to a penalty.
The Bickenhill Lane accountancy specialists are reminding the Midlands business community that as the deadline date falls on a Saturday, HMRC has announced a decision to accept any tax returns in its letter box when it is first opened on Monday, November 2 as having been delivered on time.
However, any paper tax returns found in the HMRC letter box from Tuesday, November 3, or that are handed in on Monday, November 2, will be treated as having been received on Sunday, November 1.
Nigel Reynolds, Principal and Founder of Reynolds and Co said: “For this year, there will not be a penalty for late filling where they are treated by HMRC as received on November 1, but those tax returns received from November 3 will be treated as late for investigation. Therefore HMRC will have until January 31 2011, rather than October 31, 2010, to start an enquiry into a tax return.
“If the return is delivered by hand on November 3, or by the postal service after October 30, then it will be treated as being filed late, and it will be subject to both a penalty, and the extended investigation period.
“Unfortunately, if businesses or individuals file a late paper tax return and then decide to file a tax
return online after November 3 this will not change either the penalty or extended investigation time allowance.”