Professional Contractors and
Freelancers currently have the option of filing their returns with HMRC
either by paper and post or using the Government Gateway on-line system.
Gradually, HMRC are phasing in
changes that eventually mean that all VAT returns will have to be filed
on-line after April 2010 and CT600 returns after 31st March 2011. Undoubtedly, they will undertake more impact assessments on making further returns to be only filed on-line.
With on-line VAT filing you have an additional 7 days in which to make your payment than that of paper filing.
On-line filing deadlines
VAT 31st of the month following the quarter end
PAYE 19th of the month following or 19th of the month following a quarterly period
CT600 12 months after the year end accounting date (18 or 30 months where an extended period applied for)
SATR 31st January after the end of the tax year
P11D 6th July after the tax year end
P11Db 6th July after the tax year end
On-line filing Extra Statutory Concession
HMRC have extra statutory concessions (ESC B46)
which for returns filed on-line after October 1995 allows an additional
7 days after the filing date for returns to be filed without receiving
penalties.
For anyone who does file after
the deadline but within the 7 days, and it has to be filed on a
business day within the 7 days, will automatically be issued with a
penalty for late filing.
You will need to apply to HMRC to have the penalty notice removed under ESC B46. HMRC, when approved will remove the penalty notice from your records regardless for the reasons of the delay.
HMRC state:
“The Inland Revenue do
not propose to charge a penalty in the case of any of these returns
received in their hands on or before the last business day within seven
days following the statutory filing date. A business day, for these
purposes, is any day other than a Saturday, a Sunday, Christmas Eve,
Good Friday or any bank or other public holiday. This concession
applies to those company returns having a statutory filing date under
TMA70/S11 (4) after 30 September 1995”.