Time is rapidly running out for millions of taxpayers across the UK as the crucial HMRC self-assessment deadline approaches tonight. With mere hours remaining until the January 31 cutoff, anyone who misses the deadline faces immediate financial penalties that could quickly escalate into hundreds of pounds.
The Countdown Is On: What You Need to Know
HM Revenue and Customs has confirmed that the final deadline for submitting your 2022-23 tax return and paying any outstanding tax falls at 11:59 PM on Wednesday, January 31. This affects approximately 12.1 million people who are required to complete self-assessment returns, including self-employed workers, landlords, and those with additional income streams.
Immediate Penalties for Late Filing
Failure to submit your tax return by tonight's deadline will trigger an automatic £100 fine, regardless of whether you owe any tax or not. This initial penalty applies even if you're due a refund or have no tax to pay.
The financial consequences don't stop there. If your return remains outstanding after three months, additional daily penalties of £10 per day can be applied for up to 90 days - potentially adding another £900 to your bill. After six months, you'll face further penalties of either £300 or 5% of the tax due, whichever is higher.
Late Payment Charges Add to the Pain
Separate from filing penalties, those who owe tax but fail to make payment by January 31 will face interest charges on the outstanding amount. Currently set at 7.75%, this interest begins accruing immediately from February 1.
After 30 days of non-payment, a further penalty of 5% of the tax owed applies, with additional charges at 6 and 12 months if the debt remains unsettled.
Last-Minute Filing: Your Options
For those racing against the clock, HMRC's online portal remains available until midnight. The digital service typically processes returns quickly, though users should ensure they have their Government Gateway ID and password ready.
Myrtle Lloyd, HMRC's Director General for Customer Services, emphasised: "Customers who have yet to file their return should do so as soon as possible. Search 'self-assessment' on GOV.UK and get started now."
Who Needs to File?
- Self-employed individuals earning over £1,000
- Landlords with rental income exceeding £2,500
- Those with untaxed income over £2,500
- Anyone earning over £100,000 annually
- Individuals claiming Child Benefit who earn over £50,000
With hours remaining until the deadline, taxpayers are urged to act immediately to avoid unnecessary penalties that could significantly impact their finances in the coming months.
