If you miss the self-assessment deadline you will be charged a £100 penalty
Millions of Brits have been warned they have less than 100 days before they are hit with a £100 by HMRC. If people miss the self-assessment deadline they will be charged with the penalty - even if they don’t have any tax to pay - so HMRC is urging people to keep on top of what they owe.
Myrtle Lloyd, HMRC Director General for Customer Services, said: “My advice for anyone completing their Self Assessment is to get prepared and, if they need extra support, to access HMRC’s free online help and resources. Search ‘Self Assessment’ on GOV.UK to find out more.” If you’re doing an online tax return, you must submit it by midnight 31 January 2024, reports Birmingham Live. You need to pay the tax you owe by midnight 31 January 2024. There’s usually a second payment deadline of 31 July if you make advance payments towards your bill .You’ll usually pay a penalty if you’re late. You can appeal against a penalty if you have a reasonable excuse. You’ll pay a late filing penalty of £100 if your tax return is up to 3 months late.
HMRC must receive a paper tax return by 31 January if you’re a trustee of a registered pension scheme or a non-resident company. You cannot send a return online. You must send a tax return if, in the last tax year , you were self-employed as a ‘sole trader’ and earned more than £1,000 or you were a partner in a business partnership.
You must also send a tax return if you had a total taxable income of more than £100,000 or you had to pay the High Income Child Benefit Charge. You may also need to send a tax return if you have any untaxed income, such as some COVID-19 grant or support payments, money from renting out a property, tips and commission, income from savings, investments and dividends or foreign income.
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