Time running out to file tax returns

Time is fast running out for the 2.7m people who have yet to submit their self-assessment forms to the Inland Revenue, with the January 31 deadline looming large.

Every year the revenue tries to persuade stragglers to get their forms in early with their tax calculated, and a payment of tax owed. But almost exactly the same number of forms are still outstanding this year as last, with only four working days to go.

Gathering all the necessary documentation to fill in the forms is critical at this late stage. A helpline (0845-9000-444) is open until the 31st, or people can visit their local tax office. Opening hours are generally between 8.30 and 5.30, but check in advance.

Forms in the first post on February 1 will be accepted, but it may be best to drop forms off at a tax office on the 31st - get a receipt. A few branches will stay open late that day.

Failure to correctly complete the forms and pay the tax owed on time will result in an immediate fine of £100 with penalties of 6.5% interest on the tax owed for each day after January 31.

Anyone who is later than February 28 faces court action.