Compliance

The penalties for non-compliance have increased greatly in recent years. The timely submission of full and correct tax returns is now essential if interest and penalties are to be avoided and must now be every taxpayer’s priority.

The deadline for filing a paper return is 31 October and an electronic return is 31 January.

Tax is due on the 31 January 2026 for income and gains arising in 2024/25 and reported on a 2025 tax return. However, tax may also have had to be paid on account on 31 January 2025 and 31 July 2025.

If a position is taken on your tax return which is contrary to HMRC’s stated position it should be fully disclosed in a White Space Note to avoid extending HMRC’s enquiry window from one year from the date the return is submitted to 5, 12 or even 20 years.

Elections and claims must be entered on a timely basis by deadlines. The deadline may not run to 5 April 2025 but to some other date, for example 6 July in the case of making good a benefit-in-kind or 31 January 2026 in the case of EIS, SEIS or Gift Aid carry-backs to the previous tax year.

Main residence CGT elections must be made within two years of acquiring the second home. VAT essentially chooses its own year-end, as do pensions for Pension Input Periods (PIPs), and companies not only need to consider changes from 1 April 2025 (not 5 April) but also the end of their period of accounts.

Blick Rothenberg Limited is a company registered in England and Wales under registration number 10238654. Blick Rothenberg Audit LLP is a limited liability partnership registered in England and Wales under registration number OC377158. A list of members (who we refer to as partners) is available for inspection at the registered office. Blick Rothenberg Audit LLP is authorised and regulated by the Financial Conduct Authority to carry on investment business.

The Registered office is at 16 Great Queen Street, Covent Garden, London, WC2B 5AH.