HMRC warns of penalties for late tax returns. Deadline is January 31st for Self Assessment. Online filing encouraged.
HMRC has warned that millions of Brits could face a fine if they don't file their tax returns by the end of this month. The deadline is 31 January for filing a Self Assessment tax return for the time period 2023 to 2024, to avoid obtaining a late filing penalty fee of £100. HMRC revealed that more than 24,800 people filed on 1 January and before that, a further 38,000 had squeezed theirs in before the bells on 31 December, with 310 people filing between 23:00 and 23:59.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: 'We know completing your tax return isn’t the most exciting item on your New Year to-do list, but it’s important to file and pay on time to avoid penalties or being charged interest. The quickest and easiest way to complete your tax return and pay any tax owed is to use HMRC’s online services – go to GOV.UK and search ‘Self Assessment’ to get started now.' Around 97 per cent of customers now file online, according to HMRC, and one benefit is that they don’t have to complete it all in one go - they can save what they have done and pick it up again later. Once a tax return is filed, payments can be made quickly and securely through the HMRC app. Customers can set up notifications in the app to remind them when payments are due, so they don’t need to worry about missing deadlines or penalties. Information about the different ways to pay, can be found on GOV.UK. If for whatever reason, someone can't meet the tax return deadline, HMRC will treat those with reasonable excuses fairly if they inform them before 31 January. The penalties for late tax returns are: There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months. If tax remains unpaid after the deadline, interest will also be charged on the amount owed, in addition to the penalties above. You also may need to file a return if you
TAX RETURNS DEADLINE HMRC PENALTIES ONLINE FILING
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