Now I realise that I haven't included some capital gains in this. Am I for the high jump or is there any way I can retrieve the situation?
Although the deadline has now passed, there is a `stay of execution' in that you are entitled to amend your self assessment tax return at any time within 12 months of the statutory filing date.
There is no restriction as to the nature of the correction you need to make.
I would therefore suggest that you write and inform H M Revenue & Customs of the required `repair' to your self assessment at the earliest opportunit.y It may be that, with the huge volume of tax returns that are currently waiting to be processed, they may not yet have come to yours.
If you need more time to gather sufficient information to enable you to calculate your capital gains, then you have until January 31 2009 as the ultimate deadline for submitting the repair.
One word of caution, however, is that if you have understated your taxation liability in the original tax return, you will be charged Interest at the rate of 7.5 per cent per annum from the date of January 31 until payment of the additional tax due.
In addition to this, if the delay in paying any additional taxes goes beyond February 28, there will be a further surcharge of five per cent on top - plus another five per cent if this should be delayed until after July 31. I would urge you to remedy the situation sooner rather than later. Tweet