Eamonn Donaghy, Chairman of the ICAI Northern Ireland Tax Committee has issued a press release reminding anyone filing a Self-Assessment Tax Return this year that key aspects of the deadline have been brought forward, and that the first deadline is now only days away.

The ICAI warned that some people may still not be aware of the new deadline of 31 October for Self-Assessment Tax Returns by paper. Previously, both paper and online returns had to be filed by 31 January, but this year, paper returns not filed by the end of October could face a £100 penalty. The 31 January 2009 deadline remains open only for those taxpayers filing tax returns online.

Mr Donaghy said: “Some people may still not be aware that HM Revenue & Customs have changed the deadline dates for filing Self-Assessment Returns from the end of January to the end of October. Self-Assessment taxpayers need to start now to make sure that they avoid a £100 late filing fee, or alternatively make arrangements to file online and meet the 31 January deadline.

“The crucial thing is to take action now. Everyone affected by the new rules should commence the process of gathering the necessary information to prepare their paper tax returns as soon as possible.

“Don't put it off, talk to your Chartered Accountant about your filing options and how best to avoid the late filing penalty. Many people hate dealing with tax matters and this means that they delay making a start on their returns, but professional tax advice from a Chartered Accountant will help taxpayers to meet their compliance obligations and avoid penalty fees.”

New regime for paper filers vs electronic filers

While the 31 January deadline still applies for electronic filing, it should be noted that the statutory filing date for 2008 paper returns is 31 October 2008. Any paper returns received up until the end of Friday 31 October will not incur a penalty. However, according to HMRC, a penalty incurred for filing a paper return after 31 October cannot be mitigated by then filing an online return before 31 January.

The key message for Chartered Accountants is to agree now with the client the filing method, and stick with it. Unlike the system in the Republic, HMRC do not insist on payment by electronic means to avail of the extended electronic filing deadline.