Missing self-assessment deadline 'could lead to fine'

People who miss the deadline for handing in their online self-assessment tax return could be hit with a fine, experts have warned.

According to Unbiased.co.uk, people who do not submit their forms to HM Revenue and Customs (HMRC) by January 31st could be hit with an initial £100 charge, which will increase further over time.

Estimates suggest that more than £500 million in fines will be paid out by taxpayers this year - £24 million more than in 2009.

However, Unbiased.co.uk has insisted that these "hefty" fines can be easily avoided if people plan their finances carefully.

"In the current climate where money is tighter than ever, we are urging consumers to take tax action and ensure they fill out their forms correctly and in time," said chief executive Karen Barrett.

Figures from the website show that more than one million self-assessment forms were returned after last year's January deadline.

This follows a recent reminder from HMRC, which said people who have not yet returned their form need to start thinking about it now.

For more information on Self Assessment and Tax Returns visit our Self Assessment and Tax Returns section.