Time running out to avoid late tax penalties, warns HMRC
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SELF Assessment taxpayers have less than one week to submit their late tax returns to prevent a £100 penalty, HM Revenue and Customs (HMRC) has warned.
While 10.7 million taxpayers filed their return by January 31, more than 1.5 million taxpayers missed this deadline and are still to file their tax return. They are accruing interest on any unpaid tax liabilities but still have time to file and pay without incurring penalty charges.
Taxpayers have until February 28 to file their return and prevent a Late Filing Penalty of £100. Those who owe tax have until midnight on April 1 to pay any outstanding tax or set up a payment plan to prevent a five per cent late payment penalty.
Jim Harra, HMRC’s Chief Executive said: “Self Assessment taxpayers have until February 28 to file their tax returns and prevent being charged a £100 late filing penalty.
“Tax returns submitted during February have missed the January 31 Self Assessment deadline and are late. I’m urging anyone who is still to complete their return to not put if off any longer risking penalties and further interest on their outstanding liabilities.
"Support is available on gov.uk for anyone worried about how to complete their tax return or how to pay their tax bill.”
HMRC has delayed late filing and late payment penalties this year for Self Assessment taxpayers to help anyone who may be struggling because of the coronavirus pandemic. Anyone who is worried about paying their tax can set up a payment plan online or contact HMRC for more help and support on 0300 200 3822.
Be aware of copycat HMRC websites and phishing scams. Taxpayers should search ‘self assessment’ on gov.uk to get the correct link for their Self Assessment tax return online securely and free of charge.
They also need to be alert if someone calls, emails or texts claiming to be from HMRC, saying that they can claim financial help, are due a tax refund or owe tax. It might be a scam. Check gov.uk for information on how to recognise genuine HMRC contact.