HM Revenue & Customs (HMRC) will issue a proportion of Self Assessment statements later than usual this year, with some expected to be sent in August. This is due to having received an unusually high volume of tax returns for the year ending 5th April 2012, HMRC officials report. The majority of statements have been sent on time and should arrive in July.
“There is no need to be concerned about the delay announced by HMRC,” explains Owen Kyffin, Tax Partner, Whitley Stimpson. “If you are due to make a second payment on your account this year, you should still plan to pay it by 31st July, although HMRC is extending the deadline for those who receive their statements in August. If you use HMRC’s online service, it’s worth checking how much you owe without waiting to receive a printed statement.”
Tax payers who receive their statements in August should pay the tax due as soon as possible, although they will not be required to pay interest until after 27th September. Anyone who receives their statement in July should pay by 31st July, after which date interest will be charged on the outstanding amount.
“HMRC has explained that if your Unique Taxpayer Reference ends with digits from 70 to 99, then it is likely that you will receive your statement in August,” continues Owen. “The best course of action is to check your number and understand whether you’re affected. As long as you then pay by the right deadline, everything will be fine and no interest will be incurred.”
Whitley Stimpson is happy to provide advice to individuals seeking clarification on the complex area of Self Assessment. The HMRC Self Assessment website also provides useful, straightforward advice, with clear explanations on how and when to pay tax.
For further information, please contact Owen Kyffin at Whitley Stimpson owenk@whitleystimpson.co.uk or call 01295 270200.