The 31 January Self Assessment tax return deadline isn't far away, so if you haven't yet sent your return to HM Revenue & Customs (HMRC), you need to act quickly to avoid a £100 penalty.
The 31 October deadline for paper returns has now passed, which means you must file your return online by the 31 January deadline. If you submit a paper return after 31 October, or you file online after 31 January, you could receive a £100 penalty.
More than 4m online Self Assessment returns have already been received by HMRC.
If you're a first-time Self Assessment filer, or you are new to online filing, you'll first need to register for HMRC's Self Assessment Online service. Registering is simple - visit the HMRC website at www.hmrc.gov.uk/sa and click "Register for Self Assessment Online". Once you've registered, an Activation Code will be sent to you in the post - it may take up to seven days for this to arrive, so it's advisable to register as soon as possible.
When filing online, your tax is calculated automatically, you get an online acknowledgement once you've filed, and it's processed faster, so any money you're owed is repaid more quickly.
HMRC's Sarah Walker said:
"The 31 January filing deadline is just around the corner, so if you haven't yet sent in your 2008-09 tax return, you need to take action now. Don't risk a penalty - make sure you file your return online and on time."
And don't forget, 31 January 2010 is also the deadline for paying any tax you owe for the 2008/09 tax year.
Date: 24th, January, 2010
Author: Charmaine L. Horan
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