HMRC warns millions of Britons must act this month or face £100 fine - 'the clock is ticking'
HMRC has warned millions need to act before the Self Assessment tax return deadline this month
GETTY
Almost 5.7 million people need to file their tax return for the 2022 to 2023 tax year this month, or they’ll be slapped with a £100 fine, HMRC has warned.
The tax department is urging people to act now, rather than leaving it to the last minute.
Customers can complete their Self Assessment tax return and pay any tax owed online via the Gov.uk website.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “The clock is ticking for those customers yet to file their tax return.
Do you have a money problem you'd like GB News to investigate? Get in touch by emailing money@gbnews.uk.
Nearly 6.5 million people have already filed their tax return, HMRC said
PA
“Don’t put it off, kick start the new year by sorting your Self Assessment.
“Go to GOV.UK and search ‘Self Assessment’ to get started start today.”
Nearly 6.5 million people have already filed their tax return - including 49,317 who used New Year’s Eve and New Year’s Day to complete their tax obligations.
Taxpayers who cannot pay in full can access support and advice via the Gov.uk website.
HMRC may be able to set up an affordable payment plan, known as Time to Pay, for people who owe less than £30,000.
This can be arranged oneself online, by visiting Gov.uk and searching “HMRC payment plan” for more information.
The penalties for late tax returns, after the January 31 deadline, include 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 three months, additional daily penalties of £10 per day, up to a maximum of £900, apply.
After six months, there is a further penalty of whichever is greater out of five per cent of the tax due or £300.
LATEST DEVELOPMENTS:
After 12 months, the penalty is whichever is greater out of another five per cent or £300 charge.
There are also extra penalties for paying late: five per cent of the tax unpaid at 30 days, six months and 12 months. Interest will also be charged on any tax paid late.
HMRC said it will consider a person’s reasons for not being able to meet the deadline, and those who provide a reasonable excuse may avoid a penalty.
To reduce the risk of falling victim to a scam, it’s important to never share HMRC login details with anyone, even a tax agent if a person has one.