Tax deadline looming

FIRST time self assessment tax filers are being reminded they must be registered by tomorrow (Saturday).

Tax returns for 2010/11 must be sent online to HM Revenue and Customs (HMRC) by the January 31 deadline but first time filers have to be registered by January 21, to allow time for account activation codes to be posted out.

Online returns submitted after the deadline will result in a £100 penalty – even if there is no tax to pay.

The longer a delay, the greater the fine. Tax returns received three months late, for example, will result in an increased penalty for each additional overdue day.

To register visit www.hmrc.gov.uk/online and follow the instructions.

Once activation codes have been issued, accounts can be accessed and online returns can be completed.

For more information call the self assessment helpline on 0845 9000 444.