This year around eleven million people were issued with a self assessment tax return to complete. People who are submitting a paper tax return to the taxman now have less than two weeks before the 31st October paper return deadline.
The 2013/2014 self assessment tax return provides HMRC with the income figures for the period from 6th April 2013 to 5th April 2014. Any tax would need to be paid by the 31st January 2015.
For any paper tax returns received by HMRC after the end of this month, an automatic £100 penalty is levied. This penalty is regardless of any tax due and is applied repeatedly on month 3, 6 and 12 until the tax return is received.
Those who miss the paper tax return deadline can still avoid penalties by submitting an online return and paying any tax due by the 31st January 2015.