HMRC customers are quickly running out of time to submit an essential form or face a £100 fine. Taxpayers are being urged to act swiftly and submit their HMRC Self Assessment tax returns ahead of the January 31 cut-off, in order to dodge potential penalties.
It is crucial for newcomers to Self Assessment to get their Unique Taxpayer Reference in order to file for the 2023/24 tax year, and those who no longer need to submit a return should notify HMRC promptly to avoid fines. Myrtle Lloyd, HMRC’s Director General for Customer Services, has issued her own reminder, saying: “The countdown to the Self Assessment deadline has begun but there is still time to thoroughly prepare and file an accurate tax return by 31 January.
“You can access online help and support to help you file. Search ‘help with Self Assessment’ on GOV.UK to find out more.”
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It’s crucial to remember that missing the deadline will trigger a £100 penalty fee. This year, more than 12 million individuals have the responsibility of completing their tax returns for the 2023 to 2024 tax year and settling any tax due by 31 January 2025.
HMRC has come to the aid of taxpayers by developing a suite of YouTube tutorials and a detailed guide aimed at guiding first-time filers through the process. For those unsure if they need to file a Self Assessment tax return, a quick check on GOV.UK will clarify whether they’re obliged to do so.
There are also penalties added on for paying a tax fine late. This includes an addition 5% in relation to the unpaid tax which is compounded at 30 days, then six months, then 12 months, respectively. Following this final deadline, interest will be added onto the charged in combination with the additional charges already garnered.