HMRC warns about upcoming fines for late Self Assessment tax returns.
His Majesty's Revenue and Customs ( HMRC ) will start issuing £100 fines to UK households from January if they miss a crucial deadline. The government body has issued a warning, urging individuals to file and pay their Self Assessment tax returns by midnight on January 31, 2025. HMRC has clarified that online tax returns for the 2023 to 2024 tax year must be paid by this date to avoid penalties.
A late filing fine of £100 will be imposed if your tax return is up to three months late, which may escalate if you delay this even further. Interest will also be charged on late payments. However, you can appeal against a penalty if you have a reasonable excuse that prevented you from meeting the deadline. These may include: HMRC advises that you should submit your tax return or payment promptly once any reasonable excuse for delay is resolved. You can't use a bounced cheque or failed payment as an excuse for missing the deadline, nor can you claim it was late because HMRC didn't send a reminder, according to the Express. You're obligated to file a tax return with HMRC if, during the last tax year from April 6, 2023, to April 5, 2024, any of the following conditions applied: You might also need to file a tax return if you have any untaxed income from sources such as property rental, savings, investments and dividends, tips and commission, or foreign income. HMRC further notes that anyone unable to settle their tax bill in full by the January deadline can utilise its online 'Time to Pay' system to spread the cost. Anyone who owes less than £30,000, cannot pay their tax bill in full and meets the eligibility criteria, can apply online without needing to contact HMRC directly. Those owing more than £30,000 can still apply but must get in touch with HMRC. Before setting up a Time to Pay arrangement, taxpayers must first file their Self Assessment tax retur
TAXATION TAX RETURNS HMRC FINES DEADLINE SELF ASSESSMENT
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