HMRC warns those yet to file their tax returns for 2023 to 2024 by January 31st, 2024, that a £100 fine awaits. Millions are still to file, and HMRC emphasizes the importance of doing so on time.
Millions of Britons face a deadline of January 31st, 2024, to file their Self Assessment tax returns . Her Majesty's Revenue and Customs ( HMRC ) issued a critical alert last week, warning that those who miss this deadline risk a £100 fine. While over 8.6 million eligible individuals have already submitted their returns, an estimated 34% are yet to do so.
Myrtle Lloyd, HMRC's Director General for Customer Services, emphasized the urgency, stating, 'Time is running out for the millions still to file their Self Assessment tax return by 31 January. Help and support is available for those who have not yet started their return.'Typically, tax is automatically deducted from company wages and pensions through the PAYE system. However, individuals who receive income from sources outside of this system, such as tips, commissions, investments, property rentals, or foreign income, are required to submit a tax return annually to HMRC. The Government's website provides detailed information on the various methods to file a tax return, including online and telephone services, weekly, monthly, or one-off payments, and postal cheques. Failure to meet the deadline, or filing within three months, may result in a £100 penalty. Subsequent penalties of £10 per day will accumulate up to a maximum of £900. Beyond this point, fines will continue to increase, and interest will be added to the outstanding amount. HMRC also highlights additional penalties for late tax payments amounting to 5% of the unpaid tax at 30 days, 6 months, and 12 months. If tax remains unpaid after the deadline, interest will be charged on the outstanding balance in addition to the penalties. The tax office encourages individuals to utilize its digital assistant, guidance notes, and YouTube videos for further information on Self Assessment returns. Subscribing to HMRC email updates can also ensure that taxpayers stay informed about upcoming deadlines
TAXATION HMRC SELF ASSESSMENT TAX RETURNS DEADLINE FINES
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