The UK's tax authority, HM Revenue & Customs (HMRC), has issued an urgent warning to taxpayers who might be at risk of hefty fines for missing crucial deadlines.
Who Needs to Act Now?
HMRC estimates that around 12 million people need to complete a tax return each year, but many are unaware of their obligations. Those who are self-employed, have rental income, or receive untaxed income must file a self-assessment tax return.
Key Deadlines You Can't Afford to Miss
- 31 October 2023: Paper tax return deadline
- 31 January 2024: Online tax return deadline
- 31 January 2024: Payment deadline for any tax owed
Missing these dates could result in immediate £100 penalties, with additional charges accruing over time.
Why This Warning Matters Now
HMRC has noted an increasing number of people failing to meet their tax obligations, particularly those with new income streams from side hustles or rental properties. The tax office is using its real-time data systems to identify non-compliance more effectively than ever before.
How to Avoid Penalties
- Check if you need to complete a tax return
- Register for self-assessment immediately if required
- Keep accurate financial records throughout the year
- Set reminders for key deadlines
- Consider setting aside money for potential tax bills
HMRC's director general for customer services stated: "We want to help people get their tax right first time, but we will take action against those who persistently fail to meet their obligations."
Special Cases to Watch
Particular attention should be paid by:
- Those earning over £1,000 from self-employment or rental income
- Individuals with savings or investment income above certain thresholds
- Anyone who has received a notice from HMRC to complete a return
With HMRC increasingly using digital tools to identify non-compliance, experts warn that the tax authority is getting better at spotting discrepancies in real-time.
