HMRC issues reminder on self-assessment deadline

A reminder to individuals filing a self-assessment tax return this year has just been issued by HM Revenue & Customs (HMRC).

The tax body has sent out the reminder saying there is a new 31 October deadline for paper returns which is only weeks away.

This is a departure from the norm when both the paper and online self-assessment tax returns had to be filed by 31 January. Failure to meet the deadline may attract a penalty of £100.

"Start thinking about what information you need to complete your return, such as your P60, self employment accounts, records of your savings and investments, and details of any untaxed income," HMRC advised.

Alternatively, individuals are advised to take advantage of HMRC's online filing system, which it says has advantages including automatic tax calculation, immediate online acknowledgement once filed and a faster process.

This enables any money owed by HMRC to be repaid more quickly. This is the twelfth year of self-assessment, with more than nine million self assessment tax returns issued every year.