January 2008 - Small Business News

If you are required to complete a self assessment tax return, then you need to act quickly to make sure you meet the deadline; filing online can make the task quicker and easier, but you need to register now to be able to use it for the upcoming deadline. 

If you miss the deadline you will face a penalty of £100, and risk further fines (up to £60 per day) the later you are with filing.

HMRC are urging people to use their online filing system, which has numerous benefits over sending your return by post. The online system calculates your tax automatically, provides an immediate acknowledgement that your return has been received, ensures quicker repayment if you are owed money, and allows you to complete your return gradually over (up to) 30 days.

To register for online filing, visit the HMRC website, select 'Self Assessment' from the 'do it online' menu, and follow the instructions. Once this is completed, a pin number will be sent to you through the post. It may take up to 7 days for your pin number to arrive, so register as soon as you can.