Late tax return filers 'will pay the penalty'

HM Revenue & Customs (HMRC) has issued another reminder ahead of the January 31st tax return deadline.

Warning individuals and small businesses that failure to meet the deadline could result in a £100 fine, the tax body is advising people to submit their self assessment forms over the internet to make the process more convenient.

However, those who wish to do so will have to get themselves organised before the end of the month, as registration for online filing is required on the HMRC website by next Tuesday (January 22nd).

The organisation has also made a podcast available on its website, explaining the self assessment tax return and showing users how to submit their documents online.

According to HMRC, approximately one in ten people failed to send in their tax return before the deadline last year.

The importance of the January 31st date is currently being publicised with the aid of a giant inflatable calendar, which will appear in major cities throughout the UK this week.