File now to avoid a tax headache

Date: 10th January 2011

Taxpayers who have yet to file their online self-assessment tax returns could be in line for a tax headache as time is now quickly running out.

The deadline for filing will pass on January 31st and those who fail to submit their returns in time will be handed an automatic £100 penalty charge from HM Revenue & Customs (HMRC).

Additional charges could also be imposed, leaving taxpayers with more money to pay on top of any tax owed.

Those who have left it to the last minute could be encouraged to seek the advice of a specialist tax accountancy service to make sure all their affairs are in order in time for the deadline.

Recently-published figures have shown that an increasing number of people have used the festive period to get their tax returns filed.

An HMRC report revealed that 854 people went online to file their return on Christmas Day - up from 612 in 2009 - while a further 2,408 submitted their documents on Boxing Day.

Posted by Jacob Williams