With just one week remaining before the 31 January 2024 self-assessment deadline, prompt action is required for the 3.8 million individuals yet to file their tax returns. Failure to do so may result in a £100 penalty.
HMRC anticipates a substantial total volume of submissions for the 2022/23 tax year, projecting over 12.1m tax returns along with any outstanding payments. The online platform has already received more than 8.3m returns.
For customers with returns still pending, HMRC urges immediate attention to avoid non-compliance penalties. Late payment of outstanding tax incurs additional penalties, with charges accumulating at 5% of the unpaid amount at the 30-day, 6-month, and 12-month milestones. Additionally, interest will accrue on any overdue tax payments
Those unable to settle their tax liability entirely may explore the option of establishing a Time to Pay arrangement, provided the outstanding amount is less than £30,000. Information on how to initiate this process is available on the Government website.
Myrtle Lloyd, HMRC's director general for customer services, said:
"If you are a self-assessment taxpayer, now is the time to take action and get your return done. Once a tax return is submitted, it's easy to find out what's owed and to pay online or using the HMRC app."
Talk to us about your self-assessment today.