Around 2 million returns were filed online in 2005/06, and already this year an estimated 1.5 million people have filed online.

Mike Shipp, HMRC's Director of Self Assessment: "We'd like everyone to make it their New Year resolution to get their returns in on-time and online.

"Filing online is easy, secure and convenient, and calculations are done for you automatically. When you file online you get an immediate acknowledgement and, if we owe you money, a faster repayment than if your return is sent on paper.

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The final deadline for completing and filing your self assessment Tax Return and paying any money owed is January 31. If you miss this deadline you will receive an automatic £100 penalty for late filing and you will be charged interest on any money paid late.

Late payers also face a surcharge of five per cent on any amounts still outstanding after 28 days, with persistent non-filers facing daily penalties of up to £60 per day.

Self assessment
Around 9.3 million self assessment tax returns have been issued for the 2005/06 tax year.

Self assessment was introduced in 1997 and applies to the self-employed, company directors, those with business partners, higher-rate taxpayers, or people who otherwise have complicated tax affairs.

The vast majority of self assessment tax returns (8.3million) are submitted by individuals. The remainder comprise 600,000 business partnerships, plus around a quarter of a million trusts and estates.

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Susie Hughes
The Editor © Hardhatter 2006