HMRC warns tens of millions of Brits should submit tax return quick or threat £100 fantastic

January is all the time a troublesome month.

From the post-Christmas blues to the chilly climate and empty pockets – it all the time leaves us feeling slightly glum. And – sure – we’re all in it collectively.

It’s mentioned round 2million folks within the UK expertise Seasonal Affective Disorder (SAD). According to specialists, it is a type of melancholy that folks can undergo throughout explicit seasons or occasions of yr.

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Health charity Mind says: “Depression is a low mood that lasts for a long time, and affects your everyday life. If you have SAD, you’ll experience depression during some seasons in particular or because of certain types of weather or temperature.

“You can expertise it in winter or summer time.”

It’s said altering your diet, doing more exercise and things you actually enjoy work to combat it. Nonetheless, there are lots of reasons why people feel glum during January, and one of them is usually cash.

HM Revenue and Customs (HMRC) declare round 5.7m folks have lower than a month left to file their 2022-23 tax return. It’s important to not miss the January 31 deadline when you do not need to threat being handed a £100 fantastic.

There are additionally different potential penalties.

Myrtle Lloyd, HMRC’s director common for buyer providers, advised LadBible: “The clock is ticking for those customers yet to file their tax return. Don’t put it off, kick start the new year by sorting your self-assessment.

“Go to GOV.UK and search ‘self assessment’ to get began begin at the moment.”

HMRC said the most effective way customers can pay their tax bill is by using its app. You can find out more about how to do this on the website.

Those who aren’t able to pay in full can also find other support and advice on the site.

If you fail to fulfill the deadline then you definitely face an preliminary £100 fastened penalty. This penalty applies even when there isn’t a tax to pay or if the tax due is paid by the deadline.

But some folks might additionally face different penalties, together with:

• After three months, additional each day penalties of £10 per day, as much as a most of £900, might apply
• After six months, an extra penalty of 5% of the tax due or £300, whichever is larger, could also be imposed
• After 12 months, one other 5% or £300 cost, whichever is larger, might apply

If that you must submit tax returns and pay any tax owed, you are able to do so at GOV.UK.

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