HMRC seals envelopes ahead of sending out fines to over one million people
HMRC is sealing the envelopes ahead of sending out £100 fines to over ONE MILLION UK households. Mllions of taxpayers filed their Self Assessment tax return for the 2023 to 2024 tax year by the deadline, the tax department has said.
97.36 per cent of tax returns were filed online, meaning 90.53 per cent of expected filers filed their Self Assessment. Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “Thank you to the millions of people and agents who filed their Self Assessment tax return and paid any tax owed by 31 January. I’m urging anyone who missed the deadline, to submit their return as soon as possible to avoid any further penalties. Search ‘Self Assessment’ on GOV.UK to find out more.”
The penalties for filing a tax return late are an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time then after 3 months, additional daily penalties of £10 per day, up to a maximum of £900, then after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater.
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After 12 months, expect another 5% or £300 charge, whichever is greater. There are also additional penalties for paying late - 5% of the tax unpaid at 30 days, 6 months and 12 months. Interest will also be charged on any tax paid late, HMRC has said.
12,026,540 Self Assessment returns were expected and 11,509,810 returns were eceived by 31 January. This includes expected returns, voluntary returns and late registrations. 10,887,810 expected returns were received by 31 January.
An estimated 1.1 million customers missed the deadline, with voluntary returns/late registrations an estimate based on returns received by early January and previous filing behaviour. These figures are indicative and may be subject to further adjustments once all figures have been ratified.