July tax deadline 'is fast approaching'

The Association of Chartered Certified Accountants (Acca) has warned people that they face a fine if they fail to meet the July 31st self-assessment tax return deadline.

According to the professional body, affected taxpayers, which could include some sole traders, would also be charged a further £100 penalty if they are yet to return their 2006-07 tax returns.

Chas Roy-Chowdhury, head of taxation at Acca, explained that the UK taxation system was fine driven, meaning that people faced penalties for missing set deadlines.

"For those taxpayers who missed the January 31st tax return filing deadline, the July 31st deadline is critical.

"Having already been fined £100 for missing the first deadline, they will suffer from a further £100 fine if they miss the second deadline.

"Therefore taxpayers should ensure that their completed returns are submitted as soon as possible."

Acca added that it was possible for people to fill in self assessment tax return forms online. It stressed that HM Revenue & Customs viewed the online system as easier to process, which meant that taxpayers could expect money owed to be repaid quickly.