First tax return deadline fast approaching

Date: 13th October 2008

The first deadline for self-assessment tax returns is fast approaching, with individuals and businesses having until October 31st to submit.

Taxpayers who would rather file their self-assessment tax return online have until January 31st next year.

This year marks the first time HM Revenue and Customs (HMRC) used two end dates, with previous deadlines always being at the end of September.

Tina Riches, from the Chartered Institute of Taxation (CIOT), said: "The CIOT has worked with HMRC to ensure a smooth process for tax advisers, the taxpayer and HMRC."

What's more, those who miss the October 31st and do not have the option of submitting online may still be able to avoid a £100 penalty.

Under the new rules for self-assessment tax return, those who miss the first deadline can complete a 'reasonable excuse claim', giving them an opportunity to avoid the fine.

According to the National Audit Office, the government needs to "drive down the administrative burden" being levied on the UK's small business sector.