5.4 million are yet to file self-assessment tax returns, HMRC has warned
Millions of people across the UK are at risk of penalties after HM Revenue & Customs (HMRC) revealed that 5.4 million taxpayers have not submitted their self-assessment tax returns.
With the January 31st deadline fast approaching, HMRC has urged anyone who has not yet filed to do so quickly to avoid huge fines.
Tax insurer Qdos has responded to the announcement, warning that failure to file and pay on time carries an automatic penalty of £100. Additional charges add up quickly the longer the delay continues, with daily fines and other charges imposed after three, six and 12 months. Seb Maley, chief executive of Qdos, said: “Fail to lodge your tax return and pay it by midnight on January 31 and you will be fined £100 immediately. These penalties start to add up, and interest is added to the amount you owe. Needless to say, acting sooner rather than later will make a big difference.
“Furthermore, an incomplete, late or incorrect tax return can increase the likelihood of being investigated by HMRC. Doing everything you can to meet this month’s deadline and file an accurate tax return is essential.”
For taxpayers worried about meeting their debts, HMRC’s Time to Pay facility can spread the cost of any outstanding debts into manageable monthly instalments. In its press release, HMRC reminded non-filers that even if no tax is due or if tax is paid on time, a fixed penalty of £100 still applies if the return is late.
