New deadline for tax returns

The Carter Review released today gives notice of the Government’s intention to drastically reduce the amount of time taxpayers have to file their self assessment tax return. Currently the deadline is 31 January giving a 10 month window.

It is proposed that from 2008 the window will shrink to 6 months for paper returns or 8 months if you file online. What are us tax advisers supposed to do with the other 4 months of the year?

It may be an idea to change your business’s year end to give yourself more time to prepare your accounts and tax return. Either way, its time to start getting organised.