With less than a month to go, the countdown is on for Lanarkshire customers who still need to complete and pay their self-assessment and avoid penalties, HM Revenue and Customs (HMRC) has warned.
Thousands of taxpayers have already done so by completing their tax returns before the fizz was barely flat on New Year’s Day.
HMRC has revealed more than 24,800 people filed on January 1., while a further 38,000 had even squeezed theirs in before the bells on December 31, and with 310 filed between 11pm and 11.59pm.
Filing your tax return and paying on time plays an important role in supporting public services and the government’s Plan for Change, which is delivering economic stability and investment across the UK.
Anyone who is yet to file their tax return can do so online, via GOV.UK.
People required to file a tax return for the 2023 to 2024 tax year who miss the January 31 deadline could face an initial late filing penalty of £100.
Myrtle Lloyd, HMRC’s director general for customer services, told Lanarkshire Live: “We know completing your tax return isn’t the most exciting item on your New Year to-do list, but it’s important to file and pay on time to avoid penalties or being charged interest.
“The quickest and easiest way to complete your tax return and pay any tax owed is to use HMRC’s online services – go to GOV.UK and search ‘self-assessment’ to get started now.”
Some 97 per cent of customers now file online and one benefit is that they don’t have to complete it all in one go – they can save what they have done and pick it up again later.
Once a tax return is filed, payments can also be made quickly and securely through the HMRC app.
Customers can set up notifications in the app to remind them when payments are due, so they don’t need to worry about missing deadlines or penalties.
For people who can’t meet the tax return deadline, HMRC will treat those with reasonable excuses fairly if they tell them before January 31.
The penalties for late tax returns are:
- An initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time.
- After three months, additional daily penalties of £10 per day, up to a maximum of £900.
- After six months, a further penalty of five per cent of the tax due or £300, whichever is greater.
- After 12 months, another five per cent or £300 charge, whichever is greater.
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