Two extra days for tax returns
29 January 2001
Two extra days for tax returns
By FWi staff
FARMERS rushing to submit their tax returns in time have been given two days leeway by the Inland Revenue.
While self-assessment forms should be returned by Wednesday (31 January), late-filing penalties will not be imposed on forms received by 7.30am on Friday (02 February).
Individuals face a 100 penalty if returns are submitted late, although this is mitigated if enough tax has been paid. Partners each face an automatic 100 fine.
However, an agricultural tax expert was sceptical that the extra time would make much difference to most producers.
Carlton Collister of accountants Grant Thornton reasoned that if farmers planned to submit tax forms on time, they would have done so by the original deadline.
He said: “If they havent submitted returns yet, they will know if they face a fine and are probably not too fussed about it.”
Mr Collister said problems could occur if forms had been submitted late to accountants, or if communications had broken down and the fine was unexpected
He said Grant Thornton farmer clients were generally very good at submitting their tax returns on time.