Have you noticed the changes to the paper tax return forms?

We are now a few weeks into the new tax year and tax returns for the year ended 5 April 2013 have been issued by the Revenue. For those who actually receive a form rather than a notice to complete one, there are a few changes to the form and an increase in the number of pages for the basic form. Those signing the declaration and submitting in a paper format will now need to turn to page 8 to find the relevant box. Our computer generated forms will have a separate declaration page which will be the only page we need to submit the return form for you. A noticeable addition to the new form is the section for the high income child benefit charge. This needs to be completed by the higher earner where total income exceeds £50,000 and you or your partner received child benefit. For the 2013 tax year the charge only relates to the child benefit received for the period from 7 January to 5 April 2013. The submission deadlines for the return is 31 October 2013 if you submit a paper form or 31 January 2014 for electronic submissions. There will be benefits in submitting the form earlier if you are entitled to a repayment, or if you want to reduce the payment on account due for payment by 31 July 2013 if the actual liability for the year is lower than the payments you are expected to make. Even if the actual liability is higher calculating it earlier will allow you more time to plan for the payments due in January and July 2014. If you need any assistance with any of the above you can contact us by emailing p.smith@theMGroup.co.uk or d.green@theMGroup.co.uk or telephone 01865 552925