Important tax deadline approaching fast
With all the focus on the forthcoming Budget this month, it is easy to forget that 31 October is a key tax deadline in the annual calendar. What is it, and what are the consequences of missing it?

The deadline for filing the annual tax return is 31 January. Everyone knows that - after all, that's the month all the reminder adverts start appearing in the media. However, the 31 January deadline only applies to returns that are submitted electronically. Unlike companies, individuals can still fill in a paper return and submit it to HMRC. The only problem is that the corresponding deadline is three months earlier, i.e. 31 October. If this is missed, a £100 penalty will be applied. Of course, this can be avoided by submitting an electronic return before 31 January, but for some people this isn't practical. For example, they may not have access to a computer.
In some circumstances, a return is incapable of being accepted electronically due to HMRC's system. In these instances a paper return is the only option, and an extended deadline of 31 January applies. A late filing penalty would initially be charged, but known issues will be accepted as a reasonable excuse upon appeal. A list of current issues is availaible for 2020/21.
Related Topics
-
VAT reduced on advance payment if customer cancels?
A subscriber to our newsletter wrote to us with a query. The business supplies a three-stage training course to students that fully pay (non-refundable) in advance for all three stages. If the students drop out before the end, can our subscriber partly reduce the VAT paid to HMRC on their return?
-
HMRC scrutinising directors’ loans
HMRC has begun a new compliance campaign targeting company directors who owed their companies money. What’s the full story, and how should you respond?
-
New two-tier mileage rates for electric vehicles
The amount that employers can reimburse staff for business travel in company cars changes from 1 September 2025. What are the new rates, and why is this update different to previous ones?