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Freelancers reminded about self-assessment deadline

freelancesupermarket.com newsroom

RSS 19 January 2010
The HMRC has issued yet another reminder to sole traders and other workers that they have just 11 days left to fill out their self-assessment tax return forms.

Anyone who misses the January 31st cut-off point is liable to face a £100 penalty fine.

The deadline for paper filing closed on October 31st last year so returns can only be filled out using HMRC's online service. The end of the month is also the deadline for paying any outstanding tax amounts from the 2008-09 financial year.

Online filing is becoming increasingly popular with 5.8 million people submitting their tax returns online last year, an increase of over 50 per cent on the 3.8 million who did the same the previous year. 

Sarah Walker, a spokesperson for the department, warned: "The January 31st filing deadline is just around the corner, so if you haven't yet sent in your 2008-09 tax return, you need to take action now.

"Don't risk a penalty - make sure you file your return online and on time."

The warning is well founded as professional advice website Unbiased.co.uk claims people will hand over £503 million to the tax man this year in fines for late tax returns and miscalculations and surcharges on unpaid tax from previous years.

It estimates that the figure will consist of £104 million in fines for forms that are returned after the January 31 deadline, as well as £319 million in fines for miscalculations relating to the amount of tax owed.

Every year around 10% of the 9.2 million people who are required to fill in a self-assessment tax return miss the deadline. However not all of them will incur the £100 penalty, as the fine only applies to people if they owe tax.

© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.
Image: Tax Time by Zevotron

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