Important changes to self assessment tax system

The self assessment tax system will this month see its most significant change since it was introduced more than 10 years ago.

A new deadline of 31 October has now been set for the submission of paper returns. Previously, the deadline for filing both paper and online tax returns was 31 January.

However, with effect from this year, individuals who do not file their paper return by the end of October risk incurring a penalty.

Online returns can still be submitted up until 31 January.

HM Revenue and Customs (HMRC) has launched an advertising campaign - fronted by newsreader Moira Stuart - urging small business owners to prepare for the new deadline.

Over nine million self assessment tax returns are issued every year by HMRC. Last time, 5.2 million people filed on paper and 3.8 million filed online.

We can help you prepare and file your tax return with HMRC – please contact us more information and advice.