The UK's tax authority warns individuals about the impending deadline for submitting Self-Assessment tax returns. Penalties of up to £900 apply for late submissions and payments. Utilize the GOV.UK tool to check your filing requirements.
HMRC has issued a stark warning to individuals, stating that they could face fines of up to £900 if they fail to submit their Self-Assessment tax returns by the end of today. The tax department, now operating under the Labour Party, has emphasized that all tax returns must be submitted and paid in full by midnight on January 31. It's crucial to understand that penalties are imposed for both late filing of Self Assessment (SA) tax returns and late payment of any tax due under SA.
Further penalties can also be incurred for neglecting to notify HMRC of your tax liability and for errors present in your submitted return.The penalties for late submission of your Self Assessment tax return escalate progressively. A penalty of £100 is levied for missing the deadline by even a single day. Compounding this, interest is charged on both the unpaid tax and any outstanding financial penalties. A penalty will be applied if you have a tax return to submit and miss the deadline for either submission or payment of your tax bill. A late filing penalty of £100 will be charged if your tax return is up to 3 months late, with additional charges accruing if it's later, or if you pay your tax bill late. Interest will be charged on late payments. After three months, daily fines of £10 are applied, reaching a maximum of £900, according to reports from Birmingham Live.Individuals can readily determine if they need to complete a tax return by utilizing the free online tool available on GOV.UK. Those new to Self Assessment for the 2021 to 2022 tax year may include individuals who have recently become self-employed and earned more than £1,000, new partners in a business partnership, individuals who have received any untaxed income, and those claiming Child Benefit but they or their partner have an income above £50,000. Additionally, self-employed individuals are required to register for Class 2 National Insurance contributions. If you believe you are no longer obligated to complete a Self Assessment return, it is highly recommended to verify whether you need to submit a Self Assessment tax return.
HMRC Self-Assessment Tax Returns Deadline Penalties Late Filing Interest GOV.UK
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