Around 3.4 million people have been called to submit their tax return as the self-assessment deadline rapidly approaches.
According HM Revenue and Customs (HMRC), nearly 8.7 million taxpayers have already filed their tax returns. If those due to file in their tax return have not done so within a week, they will face an initial fine of £100 which could be followed by further penalties.
If people are unable to pay what they owe in full, they may be able to set up a payment plan to make things easier while avoiding any fines. Such plans allow taxpayers to spread the cost into manageable monthly instalments.
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Myrtle Lloyd, director general for customer services at HMRC said: “Time is running out for millions of people who still need to file their self-assessment and pay any tax owed. There’s no need for customers to call us, they can save time and search ‘self assessment’ on gov.uk for a wealth of information and resources to help them complete their tax return.”
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.
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