Steven Mugglestone

The more I learn, the less I know

HMRC allows late filing after the self-assessment deadline but check your insurance:

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HMRC allows late filing after the self-assessment deadline but check your insurance

As you will now be aware, the Self-Assessment deadline remains as midnight on 31st January although, due to industrial action, HMRC will treat all Returns that are filed by midnight on 2nd February as though they were submitted on the 31st January.

There is no extension to the enquiry window and this will remain as 31st January 2013 but, HMRC are proposing not to impose any penalties on Self-Assessment Returns filed on 1st or 2nd February.

To fall in line with the HMRC approach, many tax insurance providers will cover clients whose Returns are submitted either on 1st or 2nd February and individual clients will not be prejudiced in the event of an enquiry as the providers, in particular Abbey Tax Protection, who provide cover for our clients, will not be treating these as ‘late’ Returns.

However, all individuals who have not yet filed their 2011 SATR and have fee protection cover in place should check the claims position with their current provider.

We recommend that you ensure that you or your accountant/agent should obtain and retain an electronic receipt confirming the successful submission of the Return to ensure that, should a late enquiry be attempted, they can demonstrate that the Return was filed during this ‘relaxed’ period and before midnight on 2nd February.

If you do not have or do not know what fee protection insurance is, it is a policy for individuals and businesses that will reimburse the costs of professional representation in the event of a Revenue Authority enquiry or dispute.

If you do not have or do not know what fee protection insurance is, we would advise that you should really deal with an accountants, like ourselves, that offer these policies for very competitive and negligible costs when compared to the costs that could be needed if you are subject to an enquiry.

Steven Mugglestone BA FCA
Finance Director Services
McGregors Corporate, Entrepreneurial Chartered Accountants and Business Advisers
…….Really good for your business

McGregors Corporate are a Member of Probiz Tax, providing Innovative Tax Solutions to Owner Managed Businesses.

T: 0845 519 5659                T: 0121 236 3317

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Written by Steven Mugglestone

January 27, 2012 at 4:23 pm

Posted in HMRC

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