With the 31st of January deadline fast approaching, around 3.8 million individuals in the UK are encouraged by HMRC to submit their tax returns to avoid fines and watch out for fraudsters.
Approximately 3.8 million individuals in the UK are required to submit their self-assessment tax returns by the 31st of January deadline, as stated by HM Revenue and Customs (HMRC). The tax authority expects to process over 12.1 million tax returns for the 2022-2023 tax year and had received more than 8.3 million online submissions by the time of the notice.
Myrtle Lloyd, HMRC’s Director General for Customer Services, has prompted those who need to file to complete their tax returns promptly. HMRC provides a range of digital resources to assist taxpayers with the process and advises that they should include their bank account details for faster and secure repayments.
A £100 penalty will be charged immediately for late submissions, which is applicable irrespective of whether any tax is due or has been paid. Additional penalties include daily charges of £10 after three months, up to £900, plus an additional 5% of the tax due or £300, whichever is higher, after six months.
Taxpayers have been warned to remain vigilant against fraudsters who might exploit the deadline period. HMRC has advised against sharing personal HMRC login information and offers guidance on avoiding scams related to HMRC on the Gov.uk website.
The urgency is evident for those who haven’t filed their self-assessment tax returns to do so before the deadline to avoid fines and penalties, while also being mindful of the rise in scam activities during this period.
