Don't let self assessment be a tax headache, says ICAEW

Date: 20th January 2011

Taxpayers who have yet to file their self-assessment return have been advised to prepare as best they can to avoid stressing about the deadline.

The comments could encourage a number of individuals to seek the assistance of a specialist accountancy service to make sure their affairs are in order before the January 31st deadline.

Anyone who fails to submit their online tax return by the cut off date will automatically face a £100 fine.

As such the ICAEW has told taxpayers to be prepared and bear in mind the complex nature of the UK's tax system.

Jane Moore, from the ICAEW Tax Faculty, said: "Online self assessment is a convenient way to file your tax return but the UK has one of the most complicated tax systems in the world.

"You should be prepared as much as possible so as to avoid any slip-ups - you could end up paying the wrong amount of tax."

Posted by Emily Smith