Comparing Online and Paper Self Assessment Tax Returns

Since the deadline for filing the paper Self Assessment Tax Return is approaching, it is time to get your papers in order. While some may prefer filing the tax return online, you still have the option of filing your returns the traditional way by post. But, if you are considering this option, you are required to notify HMRC by 5 October, with the completed return needing to reach them by 31 October.

Need for Paper Self Assessment Tax Returns

While only about 3% of the total taxpayers filed paper Self Assessment Tax Returns last year, HMRC must keep it available for those who cannot file their returns online. For instance, those with sight impairments or older taxpayers who are less familiar with online mechanisms would prefer to use paper tax returns.

Registering for Self Assessment

If you are new to self-assessment filing, the first thing that you must do is contact HMRC to obtain a Unique Taxpayer Reference (UTR) number. This code could take up to 15 days to arrive by post. Once you receive the UTR, you can choose between filing a paper Self Assessment Tax Return by post or completing the process online.

Those who prefer filing their returns by post must request the necessary forms from HMRC before the 5 October deadline and make sure that they are submitted by the end of the month.

Disadvantages of Paper Returns

One of the first hardships you will face if you choose to file your Self Assessment Tax Return by post is getting your hands on a paper form. Unlike in the past, HMRC no longer routinely sends these forms to the taxpayers.

Experts also warn of errors, like misprints or missing signatures in certain places, which could result in an invalid submission. The possibility of all these errors is eliminated by online filing.

Then, there is the potential of postal delays that could make you miss the deadline and leave you vulnerable to penalties.

We Are Here to Help

If you find online filing daunting, don’t worry. We are here to help. Let UK Property Accountants simplify the process and handle the headaches of your tax returns. Why not book a free 15-minute Discovery Call to put your queries before our experts and begin a partnership that will prove very fruitful for you?

Conclusion

While filing your Self Assessment Tax Return by post may seem easier on the surface, especially if you are not a tech-savvy person, it is very challenging and is prone to mistakes. Don’t take that chance. File your tax return online and be safe. The deadline for sending a return online is 31 January. So, you get more time to get your finances in order too.