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

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. Missing the deadline incurs a £100 fine, followed by daily £10 penalties (up to £900) after three months. Additional fines of 5% of the tax owed or £300 (whichever is greater) apply after six and 12 months. Non-payment also results in further penalties and interest on the outstanding amount. Persistent non-compliance may lead to legal action, including County Court Judgments that can affect career prospects. Penalties can be appealed if there is a reasonable excuse.

2 months ago
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