Tens of millions of individuals throughout the UK are susceptible to penalties after HM Income & Customs (HMRC) revealed that 5.4 million taxpayers have but to submit their self-assessment tax return.
With the 31 January deadline quick approaching, HMRC has urged anybody who has not but filed to take action instantly to keep away from hefty fines.
Tax insurance coverage agency Qdos reacted to the announcement, warning that failing to file and pay on time incurs an automated £100 penalty. Extra costs mount quickly the longer the delay persists, with every day penalties and additional levies imposed after three months, six months and 12 months. Seb Maley, chief govt of Qdos, mentioned: “Fail to file your tax return and pay it by midnight on 31 January and also you’ll be hit with a £100 high quality instantly. These fines begin to rack up, with curiosity added to the quantity you owe. Evidently, appearing sooner slightly than later will make an enormous distinction.
“What’s more, unfiled, late or incorrect tax returns can increase the likelihood of being investigated by HMRC. Doing everything you can to meet this month’s deadline and submit an accurate tax return is vital.”
For taxpayers involved about assembly their liabilities, HMRC’s Time to Pay facility can unfold the price of any excellent invoice into manageable month-to-month instalments. In its press launch, HMRC reminded those that haven’t filed that even when there isn’t a tax due or if the tax is paid on time, a £100 fastened penalty nonetheless applies if the return is late.
