HM Revenue and Customs (HMRC) has issued a stark warning to millions of taxpayers as the Self Assessment deadline approaches. Anyone required to file a tax return must do so by 11:59pm on Friday, 31 January, or face an automatic £100 fine.
Contrary to popular belief, Self Assessment is not only for the self-employed. Landlords, employees or pensioners earning £100,000 or more annually, and those claiming Child Benefit where either partner’s income exceeds £50,000, must also submit a return. Even if no tax is owed or the tax is paid on time, missing the deadline triggers the penalty, which increases after three, six, and 12 months.
HMRC has outlined acceptable ‘reasonable excuses’ for missing the deadline, which include serious illness, bereavement, or technical issues with the online filing system. However, errors on the return, not receiving a reminder, or difficulty navigating the HMRC website are not considered valid reasons. Taxpayers have 30 days from the penalty notice to appeal.
As of 23 January, 3.4 million Self Assessments remained unfiled. Myrtle Lloyd, HMRC’s Director General for Customer Services, urged: “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.”
