News: 14th January 2013

Time is running out for anyone yet to submit their 2011-12 self assessment tax return online, with penalties lined up for those who miss the January 31st deadline.

HM Revenue and Customs (HMRC) launched an advertising campaign over the Christmas period urging people to find their "inner peace" by submitting their return.

Now, however, anyone who has yet to use HMRC's online service only has a week to obtain an activation code, with a January 21st deadline in place for this.

Anyone who misses the January 31st deadline for return submission will be hit with an immediate £100 penalty - irrespective of whether there is any tax to pay - with further fines following at three, six and 12 months after the deadline is missed.

With this in mind, anyone who is yet to act is being urged to do so immediately. Chas Roy-Chowdhury, Head of Taxation at ACCA, recently told BBC News: "While self-assessment is all about getting our tax returns completed accurately and filed on time, it is also about paying the tax."

Posted by Emily Smith