Preparation is key for tax returns, says expert

Date: 17th January 2011

With time running out before this month's tax return deadline hits, taxpayers have been told that preparation is key.

January 31st marks the deadline for online self-assessment tax returns and those who miss the cut off point will receive an automatic £100 fine.

As such, Leonie Kerswill, tax partner at PwC, has urged individuals to be prepared and to contact HM Revenue & Customs (HMRC) or a specialist accountancy service if they need help ensuring their affairs are in order.

"You probably find that getting your tax return in tends to slip down the priority list over the festive period but after the expense of Christmas it would be a shame to incur a £100 fine for not getting your tax return in on time, so the sooner you get the form in the better and the absolute deadline is midnight on January 31st.

"Preparation is key so get your information together before you start and if you need help, ask HMRC or a qualified tax adviser. And do remember that you have to pay your tax – plus any payment on account due – by January 31st as well – it's not just about getting the form in."

Posted by Jacob Williams