Penalties for self-assessment tax returns

Date: 2nd February 2009

Almost six million people in the UK were successful in filing their tax returns online before January 31st, according to HM Revenue and Customs (HMRC).

For those unable to file before the deadline, a series of penalty payments and supplementary dates will now come into play.

Late submitters will often be subject to an immediate £100 fine - which can be appealed against - and may then be charged daily interest on any amount owed until February 28th.

Regarding this, HMRC said in a statement: "If you still haven't paid the balancing payment due by January 31st, you'll be charged an automatic five per cent surcharge on top the amount still owing.

"This is in addition to any interest payments."

Following this, the next deadline for making a second 'payment on account' for tax owed from the previous year is July 31st.

At this point, any tax that was due to be paid by January 31st is subject to a further five per cent surcharge, as well as the daily interest payments.