ACCA (the Association of Chartered Certified Accountants) is today reminding anyone who submits a paper self assessment to return their forms to HMRC (Her Majesty’s Revenue and Customs) by the end of October or face a minimum £100 fine, even if no tax is owed.
Chas Roy-Chowdhury, ACCA head of Taxation said: 'HMRC is adamant that the fine will apply whether of not any tax is owed and even if any outstanding tax is paid by the end of January. It is hugely important that you make sure your return is filed with HMRC by the end of the month.
'In the current economic climate, when finances are tight for many individuals and businesses, the last thing you need is to be facing a fine. I would strongly advise anyone who is unsure of the information they are submitting to seek the advice of a qualified accountant.'
The deadline for those who submit their self assessment electronically is 31 January.
- For more information about self assessment and the filing deadlines, visit the HMRC website via the 'Related Links' section, to the left of this article.