Scared of missing the tax deadlines? Prepare early then!

It doesn't matter if you're self-employed, a sole trader, a partner in a business partnership, or a company director - you still need to adhere to the HMRC deadlines for submitting your completed self-assessment tax return.

There are a couple of vital things you need before you start without which you can't file a return:

• You need to have registered with HMRC and declared that you need to file a tax return
• You need your Unique Taxpayer Reference (UTR) (which you have to apply for and get sent)

The tax year for 2014-2015 ended on April 5th, and there are two deadlines you need to know for your 2014-2015 tax return.

Deadline 1: Paper Based Tax Return Deadline - 31st October

If you decide to send your return via paper, you have to post it straight to HMRC. If you miss this deadline you can only file your return ONLINE and you only have until 31st January to do so.

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Deadline 2: Online Tax Return Deadline - Midnight on 31st January

If you miss the paper based tax return deadline, you have a second opportunity to send in your self-assessment but it has to be submitted online as you've missed the opportunty to send your paper form in.

Make sure you start thinking about filling the form in online in good time - i.e. well before the 31 January as you'll have to sign up for an online account on the HMRC website which takes about 7 days.

You must wait for your activation code to be sent too.

If you miss this second date, you'll get fined the automatic fee of £100 by HMRC. And if you have STILL not sent your return after 3 months, more fines are issues which get increasingly higher the longer the delay.

Are there any reasons acceptable for late filing of my return?

Yes - HMRC have laid down what they see as 'Reasonable excuses'for not filing your return which are defined as ‘an unforeseeable circumstance or an event beyond your control preventing you from submitting your return in due time.’

Examples of some reasonable excuses include:

• Problems with the HMRC system
• An illness or disability leaving you incapable of filing a return
• A breakdown of your computer during the preparation to file your return

For further information on what counts as a reasonable excuse, contact HMRC.

BUT it is best to try and send your return before the deadline and remember, you can hire a professional such as a friendly local accountant to help you.