AS THE New Year celebrations fade, Kent businesses should not forget the January 31 tax deadline.

Individuals, partnerships, trusts and estates must file their tax returns for the year ending April 5, 2004 by January 31, or face a penalty of £100 if the deadline is missed.

This fine can increase considerably for some though as this date is also the date for making final tax payments for 2003/2004 and also for making the first tax instalment for 2004/2005. Failure to make these can result in a penalty equal to the amount of unpaid tax.

Tax partner Paul Hodge of accounts and business advisory firm Baker Tilly said: "If your tax return is always dealt with by your accountant or tax advisor, then this shouldn’t be a problem for you – although you must be prepared to put time aside to help your advisor gather the necessary information to submit the tax return.

"This is usually more of a problem for individuals filling out their own tax returns who must be self-disciplined and ensure they heed reminders not to leave it till the last minute.

"The Inland Revenue’s website is a useful source of information for anyone struggling to complete their tax return."