Self Assessment Tax Return Deadline Looms: HMRC Warns 5.65 Million Taxpayers
As the new year begins, HMRC has issued a warning to 5.65 million self assessment taxpayers to file their tax returns before the deadline on 31 January. With only a few weeks left to submit their returns, taxpayers are advised to act quickly to avoid late filing penalties.
According to HMRC, 6.36 million people have already filed their tax returns, with a significant surge on New Year’s Eve and New Year’s Day, where 54,053 taxpayers submitted their returns. This demonstrates that many taxpayers are taking advantage of the holiday period to get their tax affairs in order.
Consequences of Missing the Deadline
Taxpayers who miss the self assessment deadline could face an initial late filing penalty of £100. To avoid this, HMRC recommends that taxpayers start their tax return as soon as possible, saving and revisiting it as many times as needed before submitting it. This flexible approach allows taxpayers to ensure the accuracy and completeness of their returns.
Myrtle Lloyd, Chief Customer Officer at HMRC, encourages taxpayers to use the new year as an opportunity to get their tax affairs in order. “The New Year is a great time to start afresh,” she said. “What better way than to ensure your tax affairs are in order for another year than completing your tax return. If you have yet to start, the clock is ticking, go to GOV.UK and start today.”
Getting Started with Your Tax Return
To begin the tax return process, taxpayers can visit the GOV.UK website, where they can start, save, and revisit their returns as needed. This online platform provides a convenient and accessible way for taxpayers to manage their tax affairs, reducing the risk of errors and late submissions.
For more information and guidance on self assessment tax returns, taxpayers can consult the HMRC website or seek advice from a qualified tax professional. By taking proactive steps to complete their tax returns, taxpayers can avoid late filing penalties and ensure a smooth and stress-free tax experience.
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