With just under a month remaining until the self-assessment deadline, HM Revenue and Customs (HMRC) is sending out a timely reminder to nearly 5.7 million customers to complete their tax returns for the 2022 to 2023 tax year. Although almost 6.5 million individuals have already fulfilled their tax obligations, HMRC is actively encouraging those who have not yet done so to get organized and avoid late filing penalties.
Intriguingly, data reveals that 49,317 customers used the New Year holiday as an opportunity to get a head start on their tax returns, demonstrating that tax filing doesn’t have to be confined solely to the January blues. Some of the most dedicated filers even celebrated the New Year by submitting their tax returns, with 127 customers filing between midnight and 00:59 on January 1.
Myrtle Lloyd, HMRC’s Director General for Customer Services, has a clear message for those who have yet to file: “Don’t procrastinate! Kickstart the new year by completing your Self Assessment. Visit GOV.UK and search ‘Self Assessment’ to begin today.”
For individuals who may find it difficult to pay their tax bill in full, HMRC emphasizes the availability of affordable payment plans known as “Time to Pay” and offers detailed information on GOV.UK.
However, it is essential to recognize that procrastination comes at a cost, as late filing penalties accumulate rapidly. These penalties commence with an initial fixed penalty of £100, even if no tax is owed. To avoid incurring additional charges, it is crucial to complete the filing process before the deadline on January 31.
Lastly, HMRC is reminding everyone to remain vigilant against potential scams. It is crucial never to share HMRC login details with anyone, including tax agents, to safeguard one’s financial security and personal information.
