You will not receive the £100 penalty as you have filed your tax return before the 31 January deadline, but as you havenít paid your tax liability for the 2007/08 tax year, the HMRC will begin to charge you interest on a daily basis starting from 00.00am on 1st February on the tax unpaid. Currently interest is being charged by the HMRC on late payment of tax at a rate of 5.5%.
You must also try to ensure that you pay the tax you owe by 28 February, as any amounts relating to the 2007/08 tax liability that are still unpaid at this date will receive an initial 5% surcharge.
Also, an additional surcharge of 5% will be levied on any tax outstanding if you still have not cleared your 2007/08 tax liability more than 6 months following the filing date, which is the 31 July 2009.
By Jo Nockels
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