Self-assessment clock ticks: 3.8million people have just days to submit tax return or risk £100 fine

The deadline for self-assessment returns is January 31 and penalties for filing late include an initial £100 fine, even if there is no tax to pay
Millions of people are still to return their self-assessment tax forms online or by post
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Around 3.8 million people have just days to submit their self-assessment tax return or risk a £100 penalty, HMRC chiefs warned on Tuesday.

The deadline for online self-assessment tax returns is January 31.

HM Revenue and Customs (HMRC) is expecting more than 12.1 million tax returns to be filed for the 2022 to 2023 tax year along with any payment that is owed.

If you are a self-assessment taxpayer, now is the time to take action and get your return done

Myrtle Lloyd, HMRC

More than 8.3 million online returns have already been received.

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. People can familiarise themselves with the process by checking out HMRC’s online resources on gov.uk.

“Once a tax return is submitted, it’s easy to find out what’s owed and to pay online or using the HMRC app. Just search ‘pay my self assessment’ on gov.uk to find out more.”

People who are unable to pay in full may be able to set up a time to pay arrangement and can find out how to do this online, without speaking to HMRC, if they owe less than £30,000.

When completing a return, it is important to ensure bank account details are included, so that if HMRC needs to make a repayment, it can do so quickly and securely without needing to issue a cheque, the revenue body said.

The penalties for late tax returns include 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, there are additional daily penalties of £10 per day, up to a maximum of £900 and after six months, there is a further penalty of 5% of the tax due or £300, whichever is higher.

After 12 months, there is another 5% or £300 charge, whichever is more.

There are also additional penalties for paying outstanding tax late.

HMRC will consider a customer’s reasons for not being able to meet the deadline. Those who provide a reasonable excuse may avoid a penalty.

People should also be aware that scammers may use the deadline to try to trick them. They should never share their HMRC login details with anyone, including a tax agent, if they have one. HMRC scams advice is available on gov.uk.

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