Contractors urged to file returns on time to avoid a tax headache

Date: 12th January 2011

Contractors working in the UK could be advised to seek the advice of a specialist tax accountant following a reminder from a leading industry body.

PCG, the organisation formerly known as the Professional Contractors Group, has urged contractors to file their self-assessment tax returns on time or face a £100 fine.

The group has also advised contractors to apply for registration in plenty of time as it can take several days for the required information to arrive.

There are now less than three weeks until the submission date for online returns, with the deadline set to pass on January 31st.

PCG explained: "The time is fast-approaching when you must file your personal self-assessment return for the year ended April 5th 2010. It must be with HMRC no later than January 31st 2011 [as] a late return could incur a fine of £100.

"As it takes a week or more to obtain your user ID and password etc, if you have not already registered to file online, you must go to HM Revenue & Customs' website as soon as possible."

Posted by Emily Smith