Time is running out for millions of British taxpayers as HM Revenue & Customs (HMRC) issues a final warning: the self-assessment tax return deadline is just nine days away.
Anyone who fails to submit their online return by 31st January 2024 faces an immediate £100 penalty, even if they have no tax to pay or can't afford to pay immediately.
Don't Get Caught Out: The Staggering Penalty Structure
The initial £100 fine is just the beginning. If your return remains outstanding after three months, additional daily penalties of £10 per day can be applied, up to a maximum of £900.
After six months, you'll be hit with another hefty charge of either £300 or 5% of the tax due—whichever is higher. At the twelve-month mark, this same penalty is applied again, potentially bringing the total fines to over £1,600.
Who Needs to Act Before the Deadline?
You are legally required to complete a self-assessment return if you fall into any of the following categories:
- Self-employed individuals earning over £1,000
- Partners in business partnerships
- Those with untaxed income from renting out property, tips, or commission
- Individuals with income from savings, investments, or dividends
- Anyone who has received foreign income
- People earning over £100,000 annually
- Those who need to pay Capital Gains Tax
Struggling to Pay? Help Is Available
HMRC is urging those who are worried about paying their tax bill to contact them immediately rather than miss the filing deadline. The tax office offers various payment plans and support options for those experiencing genuine financial difficulty.
'It's always better to file on time and arrange a payment plan than to miss the deadline entirely,' advises a HMRC spokesperson.
With the clock ticking, now is the time to gather your records, log into your Government Gateway account, and avoid those costly penalties.
