HMRC issues tax return reminder

Businesses in the UK have been reminded to submit their Self Assessment tax return before the upcoming deadline on January 31st.

According to HM Revenue and Customs (HMRC), anyone who misses the cut-off point could potentially be hit with a £100 penalty.

Therefore, it is encouraging people to submit their form online as soon as they can.

Sarah Walker, spokeswoman for the HMRC, commented: "If you haven't yet sent in your 2008-09 tax return, you need to start thinking about it now."

She recommended that if people have never filled in the form online before, they give themselves plenty of time to complete the registration process.

This, she stated, would allow them to avoid a last-minute rush just before the deadline arrives.

According to CityWire, about two-thirds of all tax returns are now submitted via the internet.

The deadline for handing in paper returns for 2008-09 passed on October 31st last year.

For more information on Self Assessment and Tax Returns visit our Self Assessment and Tax Returns section.