NEW Articles15 Apr 2024
The march of the higher rate taxpayer
New calculations issued alongside the Spring Budget show just how higher rate taxpaying status is becoming ever more common
Articles
More than 12 million taxpayers file self-assessment tax returns, but less than 3% do so using a paper return. Given this low demand, HMRC is reviewing the current paper filing service. HMRC stopped sending out paper tax returns three years... Read more
More than 12 million taxpayers file self-assessment tax returns, but less than 3% do so using a paper return. Given this low demand, HMRC is reviewing the current paper filing service.
HMRC stopped sending out paper tax returns three years ago, with any taxpayer wishing to file by paper required to download a blank version of the form. That move brought a further 3% of taxpayers to the online service. HMRC has now announced that self-assessment tax returns will not be available to download for the 2022/23 tax year.
Alternatives
Subject to a limited exception, anyone who still wants to file offline will have to obtain a tax return form by phoning HMRC.
There are some taxpayers who, because of the complex tax calculations involved, simply cannot file online. This is the case even if commercial software is used, which means they will have to print their completed tax return and file it by post.
Online filing
HMRC has written to some 135,000 taxpayers who file on paper to encourage them to complete returns online in the future. In many cases, this may now be the most sensible option, and there is a wide range of commercial low-cost software available if anyone does not wish to use HMRC’s offering.
Filing online has two distinct advantages:
Capital gains tax (CGT)
Going somewhat in the opposite direction, HMRC has made a downloadable version of its CGT UK property return available on a four-month trial basis. The intention is that the downloadable form can be used by those taxpayers who cannot report and pay tax using the online service.
HMRC guidance on self-assessment tax returns can be found here.
THE AUTHOR
Personal & Trust Tax Manager
More & Other Musings
View all related contentNEW Articles15 Apr 2024
New calculations issued alongside the Spring Budget show just how higher rate taxpaying status is becoming ever more common
Articles8 Mar 2024
Following the Chancellor's recent Budget announcements we summarise the some of the key points in taxation policies for non-UK domiciled individuals, effective from 6 April 2025
Articles8 Mar 2024
The Chancellor announced an overhaul of the non-domicile regime, or more accurately the remittance basis.
FEATURED Articles7 Mar 2024
In his 2024 Spring Budget the Chancellor announced headline grabbing measures aimed at easing the tax burden on earners and families, and tax increases to cover their costs
Guides & Publications7 Mar 2024
In what was widely expected to be Mr Hunt’s final Budget ahead of an election, speculation in the final run up focused on the trade-offs that might be required around cutting taxes and meeting both fiscal rules and spending commitments. Ultimately the Chancellor had it both ways, with some headline grabbing measures aimed at easing the tax burden on earners and families, while also introducing some tax increases to cover their costs.