HMRC issues a stark warning to millions of taxpayers, urging them to file their self-assessment tax returns before the January 31st deadline. Failure to comply could result in a £100 penalty, with further penalties escalating for late submissions. The agency emphasizes the importance of acting promptly and provides resources for those who need assistance.
Millions of individuals have been issued a urgent call to action by HM Revenue and Customs ( HMRC ) to submit their self-assessment tax returns before the looming January 31st deadline. Failure to comply could result in a penalty of £100. With over 12 million returns anticipated, HMRC emphasizes that a significant number of people are yet to file, placing them at risk of facing financial repercussions.
The revenue authority has stated that excuses for non-payment or lack of a payment plan arrangement by the deadline will be evaluated on a case-by-case basis. Those who miss the January 31st deadline but file within three months will be subject to an initial £100 penalty. Continued delinquency beyond the three-month grace period will lead to further penalties. Myrtle Lloyd, HMRC's director general for customer services, urges individuals to act promptly, stating, “Time is running out for the millions still to file their self-assessment tax return by January 31. Help and support is available for those who have not yet started their return. Visit gov.uk and search ‘self assessment’ to find out more.” The January 31st deadline applies to anyone who is self-employed or part of a business partnership with last year’s pre-tax earnings exceeding £1,000, specifically for the tax year spanning from April 6, 2023, to April 5, 2024. Individuals unfamiliar with the Self Assessment process are advised to register well in advance to obtain their Unique Taxpayer Reference, a prerequisite for filing for the 2023 to 2024 tax year. Registration for self-assessment can be completed on GOV.UK. Those required to submit a tax return include sole traders who earned more than £1,000, partners in a business partnership, individuals with a total taxable income exceeding £150,000, or those who had to pay Capital Gains Tax. Detailed information regarding who needs to file a self-assessment and who is exempt can be found on the HMRC website.
TAX SELF-ASSESSMENT HMRC DEADLINE PENALTY
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