Taxpayers in the UK are facing a tight deadline, with just hours remaining to submit their self-assessment tax returns. Those who fail to meet the upcoming deadline on January 31, 2024, risk incurring an initial penalty of £100.
In a recent post on X, HMRC emphasized that a tax return is mandatory for individuals who have earned over £1,000 from side businesses, are self-employed, rent out property, or engage in cryptocurrency transactions during the 2024-25 tax year.
Myrtle Lloyd, HMRC’s Chief Customer Officer, urged taxpayers to act promptly. She stated, “Don’t leave it until deadline day. Filing now will give you peace of mind that your tax return is completed, and if you have tax to pay, you have a week to arrange payment.” For those concerned about their tax bills, Lloyd noted that setting up a payment plan online is an option, instructing individuals to search for “difficulties paying HMRC” on the official government website.
Penalties for Late Submission and Payment
This year, the deadline falls on a Saturday, which may complicate matters for some taxpayers. HMRC’s telephone support is available only on weekdays from 08:00 to 18:00, with services pausing on Friday, January 30, and resuming on February 2. However, HMRC will offer webchat assistance on January 31 through its online helpdesk.
Alastair Douglas from Totally Money highlighted the urgency of the situation, warning that time is running out for those yet to file their self-assessment returns. “If you don’t get it in or pay your bill before midnight on Saturday, the taxman will penalise you,” Douglas explained. He elaborated on the consequences of late submissions: taxpayers will face a £100 penalty for late filing, with an additional £10 charged for every day the return remains unfiled after three months. Late payments incur a 5% penalty of the unpaid tax after 30 days, six months, and again after a year, along with interest on outstanding amounts.
Douglas recommended that those unable to pay the full amount contact HMRC to arrange a payment plan. “All you’ll need is your Unique Tax Reference number, bank details for setting up a Direct Debit, and details of your income and expenses,” he advised. This process can be completed online or by calling HMRC at 0300 200 3822 during business hours.
As the deadline approaches, taxpayers are encouraged to prioritize their submissions to avoid unnecessary penalties and secure their financial obligations for the year.
