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Money Box Live: Self-assessment and tax

A self assessment form
BBC Radio 4's Money Box Live
Wednesday, 13 October 2010 at 1502 BST On Radio 4 and Online

Nearly six million Pay as You Earn taxpayers were recently told by HM Revenue & Customs (HMRC) that they have paid the wrong amount of tax and must make good the difference.

For the nine million people who reconcile their tax through self-assessment, important deadlines are also looming.

Paper returns must reach HMRC by Sunday 31 October.

Alternatively you could file online by 31 January, but you will need to register for a user ID and an activation code in advance.

An automatic £100 penalty will be issued if you miss the deadline, and if you pay the tax late HMRC will charge interest from the date the tax was due until your payment is received.

If you want to get your tax affairs in order but have a query, why not test the knowledge of our self-assessment experts.

What sort of tax return do you need?

Do you understand which records and information you must supply?

Are you aware of the tax allowance and reliefs available to you?

What expenses should you declare?

Perhaps you have a question about capital gains and losses?

What happens if your income has dropped and you can no longer pay HMRC what you owe?

Or you might be wondering how to file online and when to get started.

Whatever your question Vincent Duggleby and guests were ready to help.

• Leonie Kerswill, tax partner, PricewaterhouseCoopers

• Anita Monteith, tax faculty technical manager, ICAEW

• John Whiting, tax policy director, Chartered Institute of Taxation

Presenter: Vincent Duggleby
Producer: Diane Richardson

Money Box



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