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Nearly 10m people in the UK have to file self-assessment forms and the deadline for entries is fast approaching.

31 January is the final date for getting the information to the taxman and it’s worth remembering that last year, more than 11% filed too late and collectively handed the taxman a cheque worth more than £100m, as late filers are automatically fined £100. Currently, more than 2m people still haven’t filed their return.

This year, for the first time, taxpayers who did not send their paper tax returns by 31 October 2008 had to file their returns online or risk having to pay a £100 penalty.

“Filing late or filing an incorrect return increases the chances of the taxman taking a closer look at you,” warns tax expert Anita Monteith, Technical Manager at the Institute of Chartered Accountants in England & Wales Tax Faculty.

To realistically meet the deadline, taxpayers must have registered by now on the Government website to receive an activation pin code through the post in time to file the return online.

If you still need to file your return follow this five-step timeline and you could avoid wasting unnecessary money through fines and interest charges in the current tough economic climate.

Immediate action: Register online if you haven’t already done so – this only takes a few minutes but is critical as it takes five to seven working days to get a required PIN through the post. Beyond 21 January it may be too late.

Between 21 and 27 January: Get your paperwork together – you need to have the following documents and information to hand to fill in your tax return for the tax year ended 5 April 2008:
- Accounts if you are self-employed (income and expenses)
- P60 and P11D from your employer/pension provider
- Interest statements from banks and building societies
- Dividend vouchers or details of any other investment income
- Donations you made to charity using Gift Aid
- Contributions to personal pension schemes

There may be other sorts of income or expenditure you need to show on your return such as property income or capital gains so check to see which might apply to you.

27 January: Activate your registration with the PIN received from the Government Gateway, the online service. If it arrives before 27 January, then activate it right away.

28 January: Fill in the information about your income online – you will instantly be told how much tax you owe. File the return as soon as you have completed and checked it through.

You now have a couple of days to get payment sorted (there is no fine for late payment but you will incur interest charges).Payment options are as follows:
- Over the Internet using a Maestro, Solo, Electron or Visa debit – payment will be treated as having been made immediately
- Over the Internet using a credit card – payment will be treated as having been made immediately (a 1.25% charge applies)
- Cheque – allow three working days for cheques to arrive through the post
- Using Internet or telephone banking – it normally takes three working days for these payments to reach the HMRC account
- Paying at the Post Office - allow at least three working days for your payment to reach HMRC

Remember it takes a few days for some payments to clear and, as 31 January is a Saturday, payments have to be with HMRC by Friday 30 January.

"If you are unsure about how to file your return, contact a chartered accountant immediately to avoid delays and concerns," urges Monteith.