Self Assessment deadline approaches

As the January 31 st deadline approaches many taxpayers are beginning to panic about getting their self assessment tax return in on time. However a local firm of accountants today offers some advice to ease the stress.

"First off many people who should be filing a tax return don't, simply because they haven't been sent one and they didn't fill one in last year," says Marcel Grech - Marguerat of chartered accountants MacIntyre Hudson. "However it is important to remember that the onus lies with the tax payer to complete a self assessment form if their circumstances have changed. For example if they have become a higher rate tax payer, have additional untaxed income such as from rental properties or realise a significant capital gain. If you think this may apply to you contact the revenue immediately and pay your estimated tax by 31 st January.

"If you have received a return but think you are going to be unable to get it in on time it is worth sending a payment for the amount you think is due or slightly more. As long as there is no tax outstanding as at 31 st January there can be no fine even is you send in your return late.

"If, for whatever reason you are unable to pay the tax you owe by January 31 st make sure you pay it by February 28 th . This will mean you will avoid the 5%

surcharge. In addition unpaid tax carries a 6.5% interest charge until it is paid