HM Revenue and Customs (HMRC) customers: With less than a month remaining until the January 31st, 2024 deadline for filing Self-assessment tax returns for the 2022-2023 tax year, HMRC urges nearly 5.7 million individuals to prioritize this essential obligation.
With the clock ticking to January 31st, HM Revenue and Customs (HMRC) is urging nearly 5.7 million individuals to file their Self-Assessment tax returns before the deadline. While nearly 6.5 million have already met their tax obligation, the pressure is on for those who still need to.
HMRC data reveals a flurry of activity even over the New Year holiday, with over 49,000 taxpayers filing their returns during that time. The most popular filing window was New Year’s Eve, particularly between midnight and 12:59 am, with 2,677 returns submitted.
Myrtle Lloyd, HMRC’s Director General for Customer Services, encourages procrastinators to kick-start their new year by sorting out their Self Assessment. She emphasizes the easy online filing process at GOV. The UK, where helpful resources like video tutorials and support sheets are readily available.
For those worried about payment, HMRC’s free and secure app offers the quickest and easiest way to settle their tax bill. Other methods, including online and offline options, are also available.
The penalties for late tax returns after 31st January are:
- An automatic fixed penalty of £100 applies regardless of any tax liability or timely payment of tax due.
- An additional daily penalty of £10 will accrue each day after the three-month grace period, capped at a maximum daily penalty of £900.
- Upon exceeding six months from the due date, a further penalty of 5% of the outstanding tax liability, or £300, whichever is greater, will be imposed.
- If the outstanding tax remains unpaid after twelve months, an additional penalty of 5% of the outstanding tax liability or £300, whichever is greater, will be applied.
- A separate late payment penalty of 5% of the unpaid tax will be assessed at 30 days, 6 months, and 12 months overdue.