Partner Article

From tan lines to deadlines – the post-summer tax returns are due!

After the relaxing period of summer holidays, it’s back to work for many of us. And as the accumulated emails are cleared, some important work commitments may be overlooked.

Unfortunately, those with personal tax affairs to sort out may have some additional obligations to meet during this period. It is worth noting that the following tax deadlines fall within the next two months:

6 September - This is the last day of HMRC’s ‘Property Sales campaign’. If you have previously sold a residential property, which did not qualify for an exemption as your main home, you have until this date to calculate and pay any tax that you owe.

HMRC already hold information which they will use to target individuals who have not come forward and the penalties for HMRC coming to you are likely to be much higher than if individuals come forward to HMRC.

1 October - The first tax return for the Annual Tax on Enveloped Dwellings (ATED) is due by this date. Property which is worth more than £2m and owned via a UK or overseas company is subject to a new annual tax this year and the first return is due at the start of October with tax being payable by the end of October.

Even if an exemption applies, a tax return will need to be filed to claim the exemption. A return is therefore needed for all dwellings worth more than £2m owned via a company, either wholly or partly (for example in a partnership with a corporate member).

5 October - Anyone with tax to pay for 2012/13, but who has not yet received a tax return, should notify HMRC by this date. This may include individuals who have income of more than £50,000, but who continue to receive child benefit in their household.

31 October - This is the last day that a paper tax return can be filed. After this date, tax returns must be filed electronically.

It is worthwhile, in any event, getting your tax return completed early. The return to work period is a good time to get your personal taxes in order.

This was posted in Bdaily's Members' News section by Baker Tilly .