Jan
17
2011
Tax deadline looms for contractors without umbrella companies
Posted by John Crawley
Contractors not working with an umbrella company have been warned they must register to fill in their tax returns online by Friday (January 21st).
The deadline for filing self-assessment forms online with HM Revenue and Customs (HMRC) is Monday January 31st, however Leonie Kerswill, tax partner at PwC, explained contractors will be required to register before this date.
"Preparation is key so get your information together before you start and if you need help, ask HMRC or a qualified tax adviser," Ms Kerswill said.
She also reminded self-employed workers they must also settle their tax payments by midnight on the 31st, not just submit the forms.
Those who fail to meet the deadline will receive a financial penalty of £100.
Figures for the years 2009/2010 show of the nine million self-assessment tax forms received, 74 per cent of these were completed online.
Contractors who choose to work under an umbrella company will not have to worry about filling in a self-assessment form, unless they have other incomes, as the firm will act like an employer in this regard.
Contractors not working with an umbrella company have been warned they must register to fill in their tax returns online by Friday (January 21st).
The deadline for filing self-assessment forms online with HM Revenue and Customs (HMRC) is Monday January 31st, however Leonie Kerswill, tax partner at PwC, explained contractors will be required to register before this date.
"Preparation is key so get your information together before you start and if you need help, ask HMRC or a qualified tax adviser," Ms Kerswill said.
She also reminded self-employed workers they must also settle their tax payments by midnight on the 31st, not just submit the forms.
Those who fail to meet the deadline will receive a financial penalty of £100.
Figures for the years 2009/2010 show of the nine million self-assessment tax forms received, 74 per cent of these were completed online.
Contractors who choose to work under an umbrella company will not have to worry about filling in a self-assessment form, unless they have other incomes, as the firm will act like an employer in this regard.