HMRC urges well timed Self Assessment submissions to keep away from £100 fines forward of January deadline

HMRC customers could be hit with fine if they ignore the looming deadline

HMRC is alerting customers that time is ticking to submit their Self Assessment tax returns with the January 31 deadline looming. Taxpayers must act now to avoid a steep £100 fine if they miss the cut-off date.

It’s essential, particularly for those new to Self Assessment, to secure their Unique Taxpayer Reference to file for the 2023/24 tax year, while others who no longer need to file returns should inform HMRC promptly.

Myrtle Lloyd, HMRC’s Director General for Customer Services, emphasised: “The countdown to the Self Assessment deadline has begun but there is still time to thoroughly prepare and file an accurate tax return by 31 January.”

Moreover, she advised: “You can access online help and support to help you file. Search ‘help with Self Assessment’ on GOV.UK to find out more.”

Failing to meet the deadline carries a £100 penalty charge. This year sees over 12 million individuals tasked with finalising their tax returns for the financial year 2023 to 2024 and settling any owed tax by 31 January 2025.

To support taxpayers, HMRC provides a range of YouTube videos and a comprehensive guide tailored for newcomers filing their first return. A quick check on GOV.UK will determine your obligation to submit a Self Assessment tax return.

Penalties are also imposed for late payment of a tax fine. This includes an additional 5% related to the unpaid tax, which is compounded at 30 days, then six months, and finally 12 months. After this final deadline, interest will be added to the charge in combination with the additional charges already accrued.