HMRC has issued a warning to everyone who still needs to file and pay their taxes before the deadline this Saturday – or they face an automatic £100 fine.
HM Revenue and Customs sets its self-assessment deadline for every January 31, which means that anyone who is liable to pay extra tax must file and pay by 11.59pm this Saturday night.
HMRC said on Wednesday: “The Self Assessment deadline is three days away.
“File yours online today and pay your bill before 31 January.”
As of Thursday morning, it means people have just two full days left, as well as the rest of today, to file their self-assessment tax return and avoid a £100 fine.
Self-assessment is not just for the self-employed, though, and there are several other circumstances in which you may need to pay.
People who have received extra income on the side, rented a property, sold assets, are self-employed or who received Child Benefit and earn more than the threshold for repayment are just a few of the key groups who may need to register and pay their self-assessment taxes.
HMRC expects more than 12 million tax returns to be filed by the deadline at midnight on the final night of January, but those who miss the deadline will have to pay at least £100.
Then, the fines rise to £10 per day after three months, up to a maximum of £900. And after six months, another £300 fine is issued, or 5% of the tax due, then after a year it’s another 5% or £300, ‘whichever is greater’, HMRC warned.
It said: “Those who miss the deadline will be issued with a penalty:
after three months, additional daily penalties of £10 per day, up to a maximum of £900
after six months, a further penalty of 5% of the tax due or £300, whichever is greater
after 12 months, another 5% or £300 charge, whichever is greater
There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, six months and 12 months. If tax remains unpaid after the deadline, interest will also be charged on the amount owed, in addition to the penalties above.”