With one week to go till the deadline, HM Income and Customs (HMRC) is urging fewer than 3.4 million prospects to get their Self Evaluation tax return completed.
Greater than 12 million prospects are anticipated to file a tax return for the 2021 to 2022 tax yr and pay any tax owed by 31 January deadline. To this point, virtually 8.7 million prospects have already filed their tax return.
Final yr, greater than 10.2 million prospects filed their tax returns for the 2020 to 2021 tax yr by the deadline on 31 January 2022.
Anybody who’s but to begin their Self Evaluation, or wants assist finishing it, can go to GOV.UK to entry a variety of sources together with guidance, webinars and YouTube videos. Prospects are inspired to examine on-line for assist earlier than calling HMRC throughout what’s the busiest time of the yr.
Myrtle Lloyd, Director Normal for Buyer Companies, stated:
Time is operating out for thousands and thousands of people that nonetheless must file their Self Evaluation and pay any tax owed. There’s no want for purchasers to name us, they will save time and search ‘Self Evaluation’ on GOV.UK for a wealth of data and sources to assist them full their tax return.
Prospects will pay their tax invoice in round 60 seconds through the free and safe HMRC app. The app can even present helpful data for these but to finish their tax return together with their Nationwide Insurance coverage quantity, Distinctive Taxpayer Reference and any PAYE data.
Prospects who’re unable to pay what they owe in full, might be able to arrange a cost plan, permitting them to unfold the price into manageable month-to-month instalments. Self Evaluation prospects can use self-serve Time to Pay on GOV.UK in the event that they:
- have filed their tax return for the 2021 to 2022 tax yr
- owe lower than £30,000
- will pay in full inside 12 months
For purchasers who pay their present estimated tax invoice through Payment on Account, the primary instalment for the 2022 to 2023 tax yr is due on 31 January.
A full vary of payment options is listed on GOV.UK.
Anybody who recordsdata their tax return or pays any tax owed after 31 January could face a penalty.
HMRC will deal with these with real excuses leniently, because it focuses on those that persistently fail to finish their tax returns and deliberate tax evaders. The penalties for late tax returns are:
- an preliminary £100 fastened penalty, which applies even when there is no such thing as a tax to pay, or if the tax due is paid on time
- after 3 months, further each day penalties of £10 per day, as much as a most of £900
- after 6 months, an extra penalty of 5% of the tax due or £300, whichever is bigger
- after 12 months, one other 5% or £300 cost, whichever is bigger
There are additionally further penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months.
Prospects want to pay attention to the chance of falling sufferer to scams. Test HMRC scams advice on GOV.UK.
Additional data
Discover out extra about Self Assessment.
We’re encouraging prospects to seek out the data they want on GOV.UK. The Self Evaluation helpline is extraordinarily busy right now of yr and it’ll shut at 6pm on 31 January.
Prospects ought to embody their checking account particulars when submitting, in order that if HMRC must make a compensation, they will achieve this rapidly and securely.
Prospects who don’t have a Authorities Gateway person ID and password will want two types of proof to show their identification. This could embody their UK passport and UK driving licence. We’re rolling out a brand new identification checking different, which lets them use the digital camera on their telephone to verify a match with their driving licence.
We’re urging prospects by no means to share their Authorities Gateway person ID and password. Somebody utilizing these particulars may steal from them or make a fraudulent declare of their identify.