HMRC warns UK households have 'two weeks left' before £1,600 fines are activated
With only a couple of weeks until the deadline, HMRC is urging millions of taxpayers not to delay filing their return and paying any tax due by 31 January. HMRC is encouraging people to act now to make use of the wide range of support available and avoid a late filing penalty.
More than 7.4 million Self Assessment customers have already filed their tax return for the 2023 to 2024 tax year. Anyone who is new to Self Assessment will need to register before they can send their tax return.
They can register on GOV.UK and should allow up to 10 working days to receive their Unique Taxpayer Reference (UTR) which they can access through HMRC Online Services or the HMRC app. HMRC provides free, easy to access resources on GOV.UK to guide people through the filing.
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Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “The Self Assessment deadline is fast approaching, don’t leave completing your tax return to the last minute. There is plenty of support available to make filing as straightforward as possible, just search ‘help with Self Assessment’ on GOV.UK to find out more.”
The penalties for late tax returns 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. After 3 months, expect additional daily penalties of £10 per day, up to a maximum of £900.
After 6 months, expect a further penalty of 5% of the tax due or £300, whichever is greater. After 12 months, expect another 5% or £300 charge, whichever is greater - taking the total amount payable up to a whopping £1,600.
Anyone who no longer needs to file a Self Assessment return, should inform HMRC now using the online form. Self Assessment customers can pay any tax owed quickly and securely through the HMRC app. A full list of ways to pay is available on GOV.UK or contact HMRC for additional support.
Anyone who regularly sells goods or provides a service through an online platform can find out more about selling online and paying taxes. The information on GOV.UK will help them decide if their activity should be treated as a trade and if they need to complete a Self Assessment tax return.
Criminals use emails, phone calls and texts to try to steal information and money from taxpayers. Before sharing their personal or financial details, people should search ‘HMRC tax scams’ on GOV.UK to access a checklist to help them decide if the contact they have received is a scam People should never share their HMRC login information with anyone.
Someone could use them to steal from them or claim benefits or a refund in their name.