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Self Assessment - Why 30th December 2012 is the new deadline for some

Nov. 29, 2012, 9:42 a.m.

The usual filing date for an 11/12 tax return to be submitted in paper form was October 31st 2012. If you want to file it online then the deadline extends to January 31st 2013.  However there is a third date that is of vital importance for PAYE taxpayers who would like to pay their liability by instalments. If you are one of these then the 30th December 2012 should come to the fore in your tax planning. If you submit your 11/12 tax return by this date then you have a choice of paying any balancing payment by instalments rather than in one lump sum on January 31st 2013. The caveat to this is that the amount you owe must be lower than £3,000.

Any underpayment can be collected via a restriction in your 2013/2014 PAYE tax code over a twelve month period. It can help with your cashflow, especially if you don't have enough funds to make the lump sum payment by January 31st 2013.

A possible downside is if you are already on a 'K 'code for your PAYE. You may find that a further inclusion of a restriction to collect unpaid tax means that your net take home pay falls to under 50% of gross pa. However it is wise to act now and have a choice about paying your tax rather than leave the submission of your self assessment until after 30th December 2012.

 

Contact Clare Pocock today to arrange for your self assessment to be done and subitted before 30th December 2012.

clare.pocock@carringtongroup.co.uk

Direct line 0207 397 2882

 

 

 

 

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