Tax return deadline looms

It is the last chance for small business owners to file their self-assessment tax returns, as the Saturday deadline looms.

The paper deadline for self-assessment tax returns was 31 October, and those filing their return online must do so before 31 January or face an automatic £100 fine.

HM Revenue & Customs (HMRC) said that around 5.1 million returns had been filed by Thursday night, compared to 3.8 million in total last year, BBC news reported.

Those who have not filed their returns online before need to apply for a PIN, which will not now arrive before the deadline.

Last year, problems with the HMRC website resulted in a one-day extension to the deadline.

The Federation of Small Businesses (FSB) said that a repeat of last year's technical troubles would be an "unnecessary burden on our nation's small businesses".

The federation called for a two-day extension until Monday, "given that the deadline falls on a Saturday".

It is also urging HMRC to be "more understanding" when entrepreneurs give their reasons for late filing, arguing that sickness should be accepted.