Act Now: HMRC Warns of £100 Fine Deadline in Two Days
HM Revenue and Customs (HMRC) has issued a critical reminder to taxpayers regarding the impending self-assessment tax deadline. Individuals have until 11:59 PM this Saturday, January 31, to file their tax returns and pay any owed taxes to avoid incurring an automatic penalty of £100.
Deadline Approaches: Avoid the £100 Fine
The deadline for submitting self-assessment tax returns is just around the corner. As of Thursday morning, taxpayers have less than three days left to fulfill this obligation. HMRC emphasized, “File yours online today and pay your bill before January 31.”
Who Needs to File a Self-Assessment Tax Return?
Self-assessment is required for a variety of individuals, not just the self-employed. Here are some key groups that may need to register:
- Individuals with additional side income
- Landlords with rental income
- Those who have sold assets
- Self-employed individuals
- People receiving Child Benefit who exceed the repayment threshold
Expected Filings and Penalties for Late Submission
HMRC anticipates over 12 million tax returns will be filed by the upcoming deadline. Missing this deadline, however, can lead to significant financial repercussions. Initially, a £100 fine is charged. Here are further penalties for late filings:
| Timeframe | Penalty |
|---|---|
| After 3 months | £10 per day, up to £900 |
| After 6 months | 5% of tax due or £300, whichever is greater |
| After 12 months | Another 5% or £300, whichever is greater |
In addition to these penalties, interest will accrue on any unpaid taxes. Taxpayers are urged to take action promptly to avoid these escalating fines and the stress of possible additional charges.
To ensure compliance, individuals should review their tax situations and file their returns without delay. For more information on filing self-assessment tax returns, visit Filmogaz.com.
