HMRC issues £100 fine warning as deadline approaches | Personal Finance | Finance

Time is running out for HMRC customers as they face a daunting deadline to submit a vital form or a £100 penalty will knock on their door. As January 31 approaches, taxpayers are urged to act quickly and file their self-assessment tax returns to avoid unwanted fines.

This is particularly relevant for self-assessment beginners who need this all-important unique taxpayer reference to file for the 2023/24 tax year. And if you’re out of luck this year, be sure to give HMRC a quick warning to avoid penalties.

Myrtle Lloyd, general manager of customer service at HMRCsaid: “The countdown to the self-assessment deadline has begun, but there is still time to thoroughly prepare and file an accurate tax return before January 31.

“You can access help and support online to help you file your return. Search ‘self-assessment help’ on GOV.UK to find out more.”

This year, only 12 million Britons remain to have their tax returns completed and dusted for the 2023 to 2024 tax year, with the balance paid by January 31, 2025. To ease the burden, HMRC has put together a suite of YouTube tutorials and a comprehensive guide, paving the way for those filing their return for the first time.

For anyone in doubt about whether they need to file a self-assessment tax return, a quick visit to GOVERNMENT UNITED KINGDOM will set the record straight. Penalties are also imposed for late payment of a tax fine. This includes an additional 5% over the unpaid tax, which is compounded at 30 days, then at six months and finally at 12 months.

After this last period, interest will be added to the costs, as well as any additional costs already incurred.