Missing 31 July deadline will cost laggards dear

Accountants have warned that people who haven't yet paid all their tax for the year 2003/04 will pay dearly if they miss the looming 31 July deadline, which falls on a Sunday this year.

Tax returns for 2003/04 should have been submitted to HMRC by 31 January 2005, together with any outstanding tax for 2003/04, plus the first Payment on Account (POA) for 2004/05. Anyone who missed the January deadline will have been hit by an automatic £100 penalty for late filing of their tax return and interest on any unpaid tax.

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