Tax deadline looming for self-assessors

A tax partner for PricewaterhouseCoopers's (PwC) Belfast office has warned self-assessment tax-payers in Northern Ireland to get a move if they are to meet the January 31 deadline – and avoid paying a £100 penalty.

Bronach Doyle of PwC, Northern Ireland’s largest business advisors, has warned that "the pain for the loser doesn’t stop with a £100 fine", as habitual offenders could find themselves facing a further £60-a-day penalty.

One million people – one in 10 of all eligible taxpayers – miss the January 31 deadline for prepayment of tax under the self-assessment rules. Last year Belfast became one of three UK cities where the Inland Revenue ran a pilot programme that hit taxpayers with whopping £60-a-day fines for late payment under self-assessment.

Bronach Doyle said there is "no excuse for missing the deadline, and no hiding place for those that do".

Self-assessment tax-payers should not ignore the deadline – even if they think they have no tax to pay, the form must still be completed. There is assistance available through the Inland Revenue’s Tax Return Guide or their helpline. Where there is doubt, however, PwC advise self-assessors to seek the help of a tax adviser through the Chartered Institute of Taxation which will recommend contacts in your area.

(GMcG)