Tax return deadline: One week left

Date: 25th October 2010

The countdown to this month's self-assessment tax return deadline is now well and truly on.

There is now just one week until the October 31st cut-off, as all paper returns need to be filed to HM Revenue & Customs (HMRC) before midnight on deadline day.

With time running out, taxpayers who have yet to file or are struggling to get their affairs in order could be encouraged to seek the advice of a specialist tax accountant in order to avoid a fine.

Under current rules, anyone missing the deadline, on this coming Sunday, will be issued with a £100 penalty charge from HMRC.

Stephen Banyard, director of HMRC's Business Customer Unit, recently highlighted that failure to adhere to the deadline could see taxpayers hit with more than just a fine.

"HMRC will also have longer to open an enquiry into their return. Not only that, but the tax affairs of persistent late-filers are more likely to be investigated than those who file on time. Therefore, filing on time really makes sense," he explained.

Posted by Jacob Williams