Self-assessment deadline today

Date: 31st October 2008

The deadline for paper self-assessment tax returns is today (October 31st), with late filers facing the prospect of a £100 penalty.

This year marks the first time HM Revenue and Customs (HMRC) has used the two deadline system - one for paper submissions and one for online returns.

Small firms which do not have time to post a self-assessment tax return to the department can still deliver their form by hand to their local HMRC office before the end of business next Tuesday (November 4th).

HMRC said in a statement: "Previously, the deadline for submitting paper and online tax returns was January 31st, but from this year anyone filing on paper must do so by October 31st, or risk a £100 penalty."

Those who miss today's deadline, and are unable to file online for whatever reason, may apply to HMRC for a 'reasonable excuse claim', which could help businesses avoid a fine.

Statistics from HMRC show more than nine million self-assessment tax returns are issued every year, with about half of these being filed online in 2007.