If you are a CIS sub-contractor and have missed the 31 January deadline to complete your 2011-2012 self assessment tax return online its best to act sooner rather than later.
If you have extenuating circumstances meaning that you could not complete your return on time, it is possible to ask HMRC to stop any late filing penalties. HMRC will be reasonable if you have a good reason as to why your tax return was not processed on time.
If you have another reason why your return was not submitted on time, it is still best to get the return sent to HMRC as soon as possible. Any late filing penalties imposed by HMRC will increase with time, meaning that you could reduce any amount you may owe by acting quickly.
Many CIS sub contractors are due a tax rebate which is another very good reason to submit your tax return as soon as possible. Including all of your allowable expenses such as travel and tools, can help reduce any tax owed and often result in a CIS tax rebate of over £1000.
If you have any late filing penalties the amount imposed will normally be deducted from any tax rebate that you are due.
