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flag UK's HMRC warns 7.4 million taxpayers to file by Jan 31 or face up to £900 in penalties.

flag The UK's HMRC is warning 7.4 million Self Assessment taxpayers to file their 2023-2024 tax returns by January 31st to avoid penalties. flag Missing the deadline incurs a £100 fine, followed by daily £10 penalties (up to £900) after three months. flag Additional fines of 5% of the tax owed or £300 (whichever is greater) apply after six and 12 months. flag Non-payment also results in further penalties and interest on the outstanding amount. flag Persistent non-compliance may lead to legal action, including County Court Judgments that can affect career prospects. flag Penalties can be appealed if there is a reasonable excuse.

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