HMRC has issued a four-week warning ahead of the January 31 deadline for submitting self-assessment tax returns. Millions of Brits still need to finalize and pay their taxes, with HMRC cautioning about potential penalties for late filing and payment.
HMRC has issued a four-week warning ahead of a significant tax deadline this month. The cut-off for submitting your self-assessment tax return and settling any outstanding amounts is 11:59pm on January 31.
This year's deadline applies to the 2023-24 tax year, and HMRC cautions that missing it could result in an initial late filing penalty of £100. This applies even if there is no tax to pay or if the tax due is paid on time. After 12 months, another 5% or £300 charge is added. There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, six months and 12 months, reports the Mirror.
However, tax returns are required from individuals or businesses that haven't had tax automatically deducted, or that have earned extra untaxed income.
TAX HMRC DEADLINE SELF-ASSESSMENT PENALTIES
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