Businesses and the self-employed have just under four weeks left to file their tax returns and pay any outstanding balances to HMRC.

Anyone who has yet to submit their Self Assessment tax return for the 2008-09 financial year can still do so, but only online. The deadline for paper returns passed in October 2009. If you do not file online by January 31 then you are at risk of a £100 penalty.

First time Self Assessment filers will need to register on the HMRC site before they can submit their returns online. Once registered, filers will then be sent an activation code which could take up to seven days to arrive.

By filing online, all tax is calculated automatically and a filing confirmation is received after you submit your return.

To register for online Self Assessment visit www.hmrc.gov.uk/sa.

© Crimson Business Ltd. 2009