Self-assessment tax returns deadline closes TODAY – here’s how to avoid a £1,000 fine
THE deadline to submit your self-assessment tax return is today, but millions of Brits have yet to do so.
This year about 11.7million people are required to submit a return by 11.59pm on January 31, but 2.1million still hadn't filed it by Wednesday, according to the latest HMRC figures.
What happens if you fail to meet the tax return deadline?
If you fail to file and then pay any tax you owe in time for the deadline, then you could be slammed with fines of up to £1,000 in the first six months.
Although you can if you have a reasonable excuse.
You will be hit with a £100 fee if you file more than three months late, followed by an additional £10 a day up to a maximum of 90 days (£900).
After six months, a further penalty of five per cent of the tax due or £300, whichever is greater, will be applied.
The deadline on January 31 is for the last tax year, which started on April 6, 2018, and ended on April 5, 2019.
If you've already signed up for self-assessment, you can find your UTR on relevant letters and emails from HMRC.
HMRC accepts your payment on the date you make it, not the date it reaches its account - including on weekends.
So if you want to pay by bank transfer you can do so up until the evening of January 31, but it's best to get it out the way in advance.
If you need to change your tax return after you've filed it, you can do so within 12 months of the original deadline or you can write to HMRC for any changes after that.
Filling in your tax return can seem daunting, but with our step-by-step guide you'll have it sorted in no time.
In December 2019, HMRC revealed that over 3,000 people filed their tax returns on Christmas Day.
In 2019, HMRC hit hundreds of taxpayers with £100 late fines despite filing on time.
While in February 2019, a woman got a £1,316 HMRC tax fine refunded after The Sun stepped in.