25/01/2012
Paul Lewis takes your calls on tax and self assessment. January 31st is a crucial date. If you file your return online you must get it submitted or face higher fines.
Paul Lewis and expert panel take your calls on tax and self assessment.
If you are one of the nine million people in the self-assessment system and you have not yet filed your online return you have until January 31st to do so or face a series of new penalties which will reach at least 拢1600 in fines if you delay filing for a year.
Crucially you cannot avoid the fines by arguing that you have no tax to pay. HM Revenue & Customs has decided to act as it says there is a hard core of taxpayers who persistently fail to pay on time.
The 31st January 2012 is also a payment deadline for those paying a final amount for the tax year 2010-11 and also to make a payment on account for the current tax year 2011-12.
So if you want to make the most of your exemptions or need some tax tips, talk to our tax experts on Wednesday.
Are you aware that the fines for late filing have gone up?
What allowances are you entitled to?
Can you carry forward any unused reliefs?
What rate do you pay on capital gains tax?
Can you offset losses on your investments against gains?
Should you transfer some of your assets to your spouse?
If you want to appeal against late filing are you clear how to do this?
If you are running a small business are you clear about your tax filing obligations?
Paul Lewis will be joined by:
Jane Moore, Technical Manager at the Institute of Chartered Accountants in England and Wales.
Leonie Kerswill, Tax Partner, PricewaterhouseCoopers
Chas Roy-Chowdhury, ACCA, Head of Taxation.
Lines open at 13:00. The number to ring - 03 700 100 444.
Producer: Michael Wendling.
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