Tax advice ahead of deadline

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TAX-PAYERS who complete self assessment forms have until October 31 - or face the risk of a £100 fine.

HM Revenue and Customs (HMRC) is urging people to get their paper tax returns in on time with around 110,000 people from Lincolnshire expected to do so this year.

Paper returns received on or after November 1 will result in £100 penalties – even if there is no tax to pay or the tax due is paid on time – following the introduction of a new penalty regime this year.

The longer a return is delayed, the greater the fine, as there are further late-filing penalties after three, six and 12 months.

For those struggling to meet the deadline, returns can be sent online instead.

However, paper returns sent after October 31 will still result in an initial £100 penalty even if they are subsequently filed online.

The deadline for online returns is January 31 and tax is calculated automatically with an

immediate acknowledgement.

Tax returns are processed faster so any money owed is repaid quicker.

To find out more about the October deadline and sending paper tax returns, go to www.hmrc.gov.uk/sa/deadline-news.htm.

To register for HMRC online services logon to www.hmrc.gov.uk/online.

For help and advice on completing a return, visit www.hmrc.gov.uk/sa or call the Self Assessment helpline on 0845 9000 444.