Time running out for self-assessment tax returns

Date: 28th October 2010

Time is now really of the essence with regard to paper-based self-assessment tax returns, with the deadline fast approaching.

Taxpayers have just three days until the deadline passes at midnight on October 31st.

HM Revenue & Customs (HMRC) will automatically issue a penalty charge of £100 to any taxpayer that misses the deadline.

This could inspire those who have yet to finalise their returns to seek the advice of a specialist accountancy service in order to make sure their documents are error-free and filed on time.

Furthermore, HMRC has warned that those missing the cut-off are likely to attract more interest from its investigators.

Indeed, the department recently warned that those who fail to meet the timeframe are more likely to be subject to an investigation.

Taxpayers who do not file their return by October 31st also face the prospect of being charged interest for every day that the documents remain outstanding.