HMRC Warns of Penalties for Late Filing
Approximately 3.4 million people have just a few days left to submit their self-assessment tax returns for the 2023-24 financial year. The deadline to file is January 31, and missing it could result in an immediate £100 penalty.
Over 8 Million Returns Already Filed
According to HM Revenue & Customs (HMRC), more than 8.6 million individuals have already completed their tax returns. However, millions are still at risk of penalties if they don’t act quickly.
Myrtle Lloyd, director general for customer services at HMRC, emphasized the urgency:
“Time is running out for the millions still to file their self-assessment tax return by January 31. Help and support are available for those who have not yet started their return. Visit gov.uk and search ‘self assessment’ to find out more.”
Importance of Bank Details
HMRC is also encouraging people to include their bank details in their returns. This will ensure that any repayments due are processed quickly and securely.
Reasonable Excuses May Be Considered
For those unable to meet the deadline, HMRC has stated that excuses for late filing or payment will be considered on a case-by-case basis. Providing a reasonable excuse may help avoid penalties.
Warning Against Scams
HMRC is warning taxpayers to be cautious of scammers during this busy period. Fraudsters often pose as HMRC representatives to steal sensitive information. People are advised never to share their HMRC login details with anyone.
Mixed Feedback on HMRC Services
A recent report by the Public Accounts Committee (PAC) raised concerns that HMRC’s service quality has been deliberately reduced, potentially damaging public trust in the tax system.
However, HMRC chief executive Sir Jim Harra strongly refuted these claims, stating:
“The committee’s claims about our customer service are completely baseless. In reality, we’ve made huge improvements to our service standards, with call wait times down by 17 minutes since April last year.”
Sir Jim also mentioned that additional funding has been allocated to improve HMRC’s telephone services further.
Reminder: Act Now to Avoid Penalties
With the January 31 deadline fast approaching, taxpayers are encouraged to act quickly and file their returns to avoid unnecessary stress and penalties. For support, visit gov.uk/self-assessment.
