Tax return deadline: Don't get fined

Date: 26th October 2010

Taxpayers around the UK face the prospect of receiving a fine should they miss the self-assessment tax return deadline later this week.

Time is running out for those who have yet to file their paper-based tax returns as all documents must be filed to HM Revenue & Customs (HMRC) no later than midnight on October 31st.

Failure to meet this strict deadline will see taxpayers handed an automatic £100 penalty charge.

This could inspire a number of people to seek the advice of a specialist tax accountancy service in order to ensure all their affairs are in order before sending their self-assessment tax return to HMRC.

Financial advice website citywire.co.uk explained that on top of the fines, taxpayers are likely to face interest payments for late returns.

"About 2.6 million people filed paper self-assessment returns last year, but one million missed the deadline and were fined £100 earning the taxman a useful windfall of £100 million," the website said.

"On top of the £100 fine you can also be charged daily interest payments and a surcharge of 5 per cent on any tax owed."