Tax deadline approaching

The deadline for returning self-assessment tax forms is fast approaching, leaving those with 50 per cent tax on their income with just a couple of weeks to get their affairs in order.Any forms that aren't returned to HM Revenue & Customs (HMRC) by the deadline of 31 January will face swift action from the authorities and an automatic fine of £100. This fine will be issued regardless of whether or not the individual actually has any taxes to pay on their income.Fines will also be issued for sending in a paper tax return as the deadline for these was towards the end of 2011. This could pose problems for those approaching the online system for the first time as an online ID is required to process the forms correctly and this can take up to a week to organise.Stephen Banyard from HMRC commented: "Missing the 31 January deadline will mean that Self Assessment taxpayers will face penalties. And we don’t want them to – we want the tax returns, not the penalties. We want people to file online and on time, and avoid facing a completely avoidable penalty.”

http://www.50percenttax.co.uk/index/2012/1/19/tax-deadline-approaching.html