I WOULD remind your readers that the self-assessment tax return deadline of January 31 is fast approaching.

More than 4.1 million taxpayers have already filed their returns online, but there are hundreds of thousands of returns still to be filed.

The penalty for lodging self-assessment after the deadline is a £100 fine, which in the current economic situation is certainly not a welcome charge for taxpayers, so those who have not yet filed need to act quickly.

January 31 is also the deadline for paying any tax owed for the 2008-09 tax year – so self-assessment filers need to ensure they you are up-to-date on payments.

In my experience, it is tricky to get a penalty payment reconsidered as HM Revenue and Customs (HMRC) treat each case on an individual basis, so I urge you to be completely honest and file your return and payment as soon as possible to avoid the fine.

Head to the HMRC website for more information.

Chas Roy-Chowdhury, Head of Taxation, Association of Chartered Certified Accountants, London.