Almost half of the UK’s self-employed workforce have yet to complete their tax returns.

This comes just a month before the January 31 self-assessment deadline.

A survey of self-employed people found that 49 per cent have not completed their tax submissions, equating to around 2.1 million individuals.

Mike Parkes, Technical Director at GoSimpleTax, said: "Our research shows that many people spend well over a day completing their tax returns, which means that leaving it too late can risk missing the 31st January deadline entirely. If that happens, HMRC will issue an immediate £100 fine. On top of that, every additional day for up to three months incurs an additional £10 fine, adding up to £900. After that, additional fines can push the total to £1,600 if you file a year late."

Self-assessment tax software firm GoSimpleTax has warned self-employed people not to leave their tax returns until the last minute, as it could result in "unexpectedly high bills, fines and penalties."