Colin Masters, head of private client services at Ernst & Young, said: 'Even if you have not given any thought to your tax affairs until now, there is still time to get it all sorted.'

Masters warns that tax returns should be a priority, as they need to be submitted by the 31 January at the very latest.

Taxpayers can also still register to submit their returns electronically, via the Inland Revenue's online portal. Returns that do not reach the Revenue by 1 February, face a fixed penalty of £100m.

The firm also advises taxpayers to:

• Work out how much money they owe so they don't overspend.
  
• Sort out as much as they can now for 2003.
  
• Make sure their children are getting maximum benefits from their allowances.
  
• Review their investments to make sure appropriate payments have been made.