PEOPLE with self assessment tax returns have been reminded not to miss the January 31 deadline for their return.

George Hardey, associate and head of tax at Waltons Clark Whitehill, the Tees Valley business advisers and chartered accountants, warned that as the deadline passes a process of increasing fines is triggered.

"The penalties for missing the online tax return deadline grow as the gap between January 31 and the date it is filed increases," he said, "Missing the deadline is bad, delaying further is to be avoided at all costs.

"At one day late, the fine starts at £100 regardless of whether you have any tax to pay. At three months late, for each following day, there is an additional £10, up to a 90 day maximum of £900 on top of the £100 fixed penalty.

"At six months, there is a fine of the higher of £300 or five per cent of the tax due, again on top of the earlier penalties. A further six month delay doubles the six month fine and may, in serious cases, lead to a penalty equalling 100 per cent of the due tax."

Mr Hardey said the deadline for paper returns has already gone and penalties will automatically be incurred. Submissions should now only be made online.