Clock is still ticking for self-assessment tax returns

Date: 24th December 2010

As Christmas draws ever closer, taxpayers could be forgiven for pushing their self-assessment tax returns to the back of their mind.

However, this is not best advised as missing the forthcoming deadline for online submissions could see late filers hit with penalty charges and fines.

This could encourage a number of those yet to file their tax returns to seek the advice of a specialist accountancy service in order to make sure their affairs are in order.

As the October 31st deadline for paper-based tax returns has passed, online filing is the only option remaining and as such all documentation must be submitted to HM Revenue & Customs (HMRC) by January 31st.

Those who miss the cut-off point will automatically be issued with a £100 penalty and could also face the prospect of surcharges on the amount of tax owed.

"If you pay your tax late HMRC will charge interest from the date the tax was due until your payment is received and If you still haven't paid your balancing payment by February 28th you may be charged a five per cent additional charge, called a surcharge, on top of the amount you still owe. This is in addition to any interest you've been asked to pay," the HMRC website explains.

Posted by Jacob Williams