With only a week left until the Self Assessment deadline, 3.4
million customers are yet to file their 2023 to 2024 tax return.
And HM Revenue and Customs (HMRC) is warning them to file now
or risk missing the 31 January deadline – and getting a £100
penalty.
More than 66% (8.6 million) have already filed their tax return.
Those who are yet to start can go to GOV.UK to find all the
support and guidance
they need at their fingertips including live webinars, video
tutorials as well as plenty of online help sheets.
Once customers have submitted their return the quickest and
easiest way to pay any tax due is via the free and secure
HMRC app, which takes less
than a minute with immediate confirmation of payment. Nearly
360,000 have paid their Self Assessment tax bill via the app
since 6 April 2024, totalling more than £605 million.
Myrtle Lloyd, HMRC's
Director General for Customer Services, said:
Time is running out for the millions still to file their Self
Assessment tax return by 31 January. Help and support is
available for those who have not yet started their return. Visit
GOV.UK and search ‘Self Assessment' to find out more.
A full list of the different ways to pay,
including payment plans, can be found on GOV.UK.
It is important customers always include their bank details as
part of their tax return to ensure that if there is any repayment
due, it can be done quickly and securely.
Customers' reasons for not paying their tax bill or arranging a
payment plan by the deadline will be considered individually.
While customers who provide HMRC with a reasonable excuse may
avoid a penalty, those without reasonable excuse face will be
issued with a penalty including:
- 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
There are also additional penalties for paying late of 5% of the
tax unpaid at 30 days, 6 months and 12 months. If tax remains
unpaid after the deadline, interest will also be charged on the
amount owed, in addition to the penalties above.
Customers need to be aware of the risk of falling victim to scams
and should never share their HMRC login details with anyone,
including a tax agent, if they have one. HMRC scams advice is
available on GOV.UK.
Further Information
More information about Self Assessment
HMRC wants to help
customers get their tax right. Lots of information and support is
available online which includes:
It is important that customers let HMRC know of any changes to their
circumstances. Customers can use the HMRC app to update their details
including a new address or name. Customers also need to let us
know if they've stopped being self-employed or need to change
their business details. This can be done online at
GOV.UK.
Anyone who regularly sells goods or provides a service through an
online platform can find out more about selling online and paying
taxes. The information on GOV.UK will help them decide if
their activity should be treated as a trade and if they
need to complete a Self Assessment tax return.
