HMRC are reminding first-time Self-Assessment filers who haven’t sent in their returns to register for its online services sooner rather than later. This is because HMRC issue the online activation code in the post, so registration can take up to seven working days to complete. Best not to get caught in a rush to beat the 31 January filing deadline.

The deadline for paying any tax owed for 2013/14 is also 31 January. Taxpayers who owe less than £3,000, and want HMRC to collect the tax they owe through this year’s tax code, had to submit their online return by midnight on 30 December.

By way of reminder, the penalties for late SA returns are:

• an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time;
• after three months, additional daily penalties of £10 per day, up to a maximum of £900;
• after six months, a further penalty of five % of the tax due or £300, whichever is greater; and
• after 12 months, another five % or £300 charge, whichever is greater.