Tax warning: just over two weeks to get your tax return in - or face fine

Don't risk being fined by the tax authorities. Sort out your tax affairs before the end of the month

Act now to avoid getting a nasty letter (Getty Images)

The deadline for sending 2014-15 tax returns to HM Revenue & Customs is just two weeks away, Sunday 31 January 2016. You’ll also need to pay any tax owed by then – failure to do either will mean being hit with a fine.

If you haven’t already registered with HMRC then you need to act fast – as a general rule, 21 January is in effect the latest date you can register (next Thursday), although the tax authority does not specify this date.

“It can take at least seven working days – longer if you live abroad - to get the necessary activation codes,” warned Tina Riches, national tax partner at the accountancy firm Smith & Williamson.

The taxman accepts very few excuses for late filing but said that the recent flooding and bad weather could be an acceptable reason. Ruth Owen, HMRC’s director-general of personal tax, said: “We understand that life can be unpredictable, and for those customers who have a genuine excuse for missing the 31 January deadline, such as the flooding, help is at hand

HMRC has set up a tax helpline for people affected by severe weather and flooding: 0800 904 7900.

Gary Heynes, RSM’s head of private client at accountants RSM has some tips for taxpayers yet to submit their return.

If you had income or capital gains during the 2014/15 year which needs to be taxed, then you should have already told HMRC. It’s not too late to do so, but time is running out and so you need to register as soon as possible. You will be charged a penalty if you miss this deadline but have not paid the related tax by 31 January.

When registering, it will take about ten days to get the user ID and password needed through the post - 21 days if you live abroad. So you must get your skates on if you haven’t registered yet - there’s still a chance that your password might arrive in time if you do live abroad.

Even if you have just one extra source of income or a capital gain which needs taxing, you will need to enter all of your income for the year - even from sources where the correct amount of tax has already been deducted, as well as deductions such as pensions or charitable contributions. Make sure you have all of the information to hand, and request this information from your employer, bank or from other sources of income beforehand.

Remember to include all sources of income including refunds. Those taxpayers that have claimed refunds from mis-sold PPI cover which have been repaid with interest will have to pay additional tax if they are a higher or additional rate taxpayer.

Any tax due will need to be paid by 31 January plus, if the liability is on an income source, then it may be the case that you have to make a payment on account for the coming year of 50%. So your tax payment may be higher than you expect. If the income source won’t be recurring, then you need to claim to reduce any payment on account when filing your tax return - otherwise you will face interest charges.

If you are struggling to obtain all the information to fill out your return, then it may be possible to file a provisional tax return in the meantime.