More

    One third yet to file returns as just one week left for Self Assessment deadline

    Photo: iStock

    HM Revenue and Customs (HMRC) have reminded taxpayers to file the Self Assessment tax returns before the 31 January deadline.

    Almost 3.8 million people, one third of taxpayers, still have to file their annual tax return, the agency said, adding that those file late risk facing a £100 penalty.

    HMRC is expecting more than 12.1 million tax returns to be filed for the 2022-23 tax year along with any payment that is owed. To date more than 8.3 million online returns have already been received.

    “If you are a Self Assessment taxpayer, now is the time to take action and get your return done. People can familiarise themselves with the process by checking out HMRC’s online resources on GOV.UK,” Myrtle Lloyd, HMRC’s director general for customer services, said.

    “Once a tax return is submitted, it’s easy to find out what’s owed and to pay online or using the HMRC app. Just search ‘pay my Self Assessment’ on GOV.UK to find out more.”

    Anyone unable to pay in full may be able to set up a Time to Pay arrangement and can find out how to do this online, without speaking to HMRC, if they owe less than £30,000.

    It is quick and easy to pay Self Assessment tax bills online or using the HMRC app. A full list of payment options can be found on GOV.UK.

    When completing a return, it is important to ensure bank account details are included, so that if HMRC needs to make a repayment, they can do so quickly and securely without needing to issue a cheque.

    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, additional daily penalties of £10 per day, up to a maximum of £900
    • after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater
    • after 12 months, another 5% or £300 charge, whichever is greater

    HMRC will consider a customer’s reasons for not being able to meet the deadline. Those who provide a reasonable excuse may avoid a penalty.

    There are also additional penalties for paying outstanding tax late. These are 5 per cent of that unpaid at 30 days, 6 months and 12 months. Interest will also be charged on any tax paid late.

    Anyone who thinks they no longer need to complete a Self Assessment tax return for the 2022 to 2023 tax year, should tell HMRC- so that they can issue a withdrawal notice – before the deadline on 31 January 2024 to avoid any penalties.

    Latest

    Biona condiments range heats up with two new mustards

    Organic food supplier Biona is introducing two new high-quality...

    Florette partners Jet2 Holidays and Megan McKenna in fresh promo

    Salad brand Florette is aiming for the skies this...

    Carbonated drinks brand, TRIP, launches functional mushroom and adaptogen range

    Soft drinks brand TRP has launched a new range,...

    57% of businesses expect to never be fully cashless

    Cash is here to stay, with nearly 6-in-10 businesses...

    Don't miss

    Biona condiments range heats up with two new mustards

    Organic food supplier Biona is introducing two new high-quality...

    Florette partners Jet2 Holidays and Megan McKenna in fresh promo

    Salad brand Florette is aiming for the skies this...

    Carbonated drinks brand, TRIP, launches functional mushroom and adaptogen range

    Soft drinks brand TRP has launched a new range,...

    57% of businesses expect to never be fully cashless

    Cash is here to stay, with nearly 6-in-10 businesses...

    Groundbreaking integration trial between Gander and Snappy Shopper yields remarkable results

    In a landmark trial, two leading tech firms joined...

    57% of businesses expect to never be fully cashless

    Cash is here to stay, with nearly 6-in-10 businesses (57 per cent) expecting to never be entirely cashless despite the widespread adoption of electronic,...

    Groundbreaking integration trial between Gander and Snappy Shopper yields remarkable results

    In a landmark trial, two leading tech firms joined forces to revolutionise convenience shoppers' user experience, culminating in outstanding results that promise to reshape the food...

    Bread, cereal maker warns of possibility of higher prices

    UK’s leading bread and cereal maker has warned of potentially higher prices in the coming months citing “very small” grain harvests in the UK...