HM Revenue and Customs (HMRC) has issued a warning to millions of Brits who are due to pay their taxes that there isn't much time left.
The government agency says more than 12.2 million customers were expected to file a Self Assessment tax return this year. However, those who are yet to file their rax returns have until January 31, 2023 or risk facing a penalty.
According to HMRC, a total of 22,060 customers went online to submit their form for the 2021 to 2022 tax year between December 23 and December 28. Meanwhile, 141 people opted to file on the last hour of Christmas Eve so they could celebrate without worrying about their raxes.
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Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “We are grateful to those customers who have already filed their tax returns. For anyone who is yet to make a start, help is available on GOV.UK, just search ‘Self Assessment’ to find out more.”
If you miss out of filing your tax return without a reasonable excuse, you could be forced to pay a penalty. According to HMRC, 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 3 months, additional daily penalties of £10 per day, up to a maximum of £900
- after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater
- after 12 months, another 5% or £300 charge, whichever is greater
Additional penalties can also be enforced for paying late of 5 per cent of the tax unpaid at 30 days, six months, and 12 months. Customers are also being encouraged to include their bank account details when filing so HMRC can make any repayments they need to quickly and securely.
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