As the new year begins, people often seek to make a fresh start, and look to add more organisation to their lives, especially in terms of their finances.
Many resolution-makers will likely want to start managing their money better in 2012 and if you want to keep the tax man happy, then you need to consider the top financial deadlines of 2012.
SBP Chartered Accountants, which has offices in Aberdeen, Peterhead, Fraserburgh and Banff, realise that it is hard for people with busy lives to stay on top of due dates for forms and claims but unfortunately the tax man has no time for excuses.
SBP Head of Tax, Alan Masson, said: “Submitting taxes can be a stressful process, made even more stressful by strict deadlines. There are many deadlines coming up in 2012, and the best way to get organised is to know them ahead of time so there are no surprises.”
Mr Masson highlights the following dates as some of the most important to be aware of in 2012:
- 31 January – This is one of the most important dates on the tax calendar, as it is the day a taxpayer’s tax return should be lodged and the tax due paid. Taxpayers should have received all relevant return forms last spring.
- 28 February – By this date, taxpayers who have not paid their taxes are given a 5% surcharge on their amount due, plus a month’s interest. This interest will keep growing the longer the forms go unfiled.
- 6 April – This date isn’t a deadline, but a date to watch the mailbox, as it’s the day that returns for the 2011-2012 year will be sent out.
- 30 April – From this date on, daily penalties can be imposed on taxpayers who still have not lodged returns.
- 31 July – On this date, taxpayers that still haven’t paid their taxes are given another 5% surcharge, on top of mounting interest on their taxes.
This year, HM Revenue & Customs collected nearly £90 million in penalty fines from taxpayers who failed to meet the January 31, 2011, deadline for submitting returns. To ensure taxpayers get all the important documents in by deadline, SBP is urging people to hand in their tax returns as soon as they have their information ready.
SBP Accountants has been in business for more than 40 years and has 33 members of staff across its four North-east branches. The company provides assistance in accountancy, taxation and audit services, among other financial services.