January 2nd 2024.
It's almost the last call for those who have yet to file their 2022/23 tax return - the deadline is January 31. According to HM Revenue and Customs, over 6.5 million people have already completed the paperwork, but there are still 5.7 million people who need to get it done.
Self-assessments are required from the self-employed, business partners, and those who had a total taxable income of more than £100,000. Additionally, anyone with untaxed income must submit a tax return.
HMRC has recorded some interesting figures. On New Year’s Eve, 25,000 people submitted their tax returns, and 127 saw in the new year by filing their returns between midnight and 0059 on January 1.
On New Year’s Day, 23,724 customers filed their tax returns, and 4,757 people filed on Christmas Day in 2023. On Christmas Eve and Boxing Day, 8,876 and 12,136 returns were submitted, respectively.
Fortunately, a self-assessment can be completed at home online. Myrtle Lloyd, HMRC’s director general for customer services, urges people not to put it off. She said, “Don’t put it off, kick start the new year by sorting your self-assessment. Go to gov.uk and search ‘self assessment’ to get started start today.”
HMRC states that the quickest and easiest way to pay the tax bill is with their app. Customers can find information about different ways to pay on gov.uk, and those who are unable to pay in full can access support and advice there.
If someone owes less than £30,000, HMRC may be able to help by arranging an affordable payment plan known as Time to Pay. People can arrange this online, and more information can be found by searching ‘HMRC payment plan’ on gov.uk.
It is important to note that penalties for late tax returns include an initial £100 fixed penalty. After three months, additional daily penalties of £10 per day, up to a maximum of £900, may apply, and after six and 12 months, charges of 5% of the tax due or £300, whichever is greater, could be imposed. Interest may also be charged on any tax paid late.
Lastly, everyone should be aware of the risk of falling victim to scams, and no one should ever share their HMRC login details with anyone, not even a tax agent.
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