Countdown to Self Assessment Deadline 31 January

With just over 2 weeks to go to the Self Assessment deadline, HM Revenue and Customs (HMRC) is urging customers to file their tax return for the 2022 to 2023 tax year.

The deadline for filing Self Assessment tax returns and paying tax bills for the 2022/23 tax year is Wednesday 31 January 2024 at 11:59pm.

HM Revenue and Customs is encouraging taxpayers to get their tax return filed as early as possible so that they can know how much tax they owe and be ready to make the payment by 31 January.

HMRC data shows almost 6.5 million customers have already beaten the Self Assessment clock by filing their tax return including 49,317 customers who used the New Year holiday to get a head start on their tax obligations:

• 25,593 customers filed their tax return on New Year’s Eve, with the most popular time being between 12:00 and 12:59, when 2,677 customers filed
• 127 customers saw in the New Year by filing their tax return between 00:00 and 00:59 on 1 January
• 23,724 customers filed on New Year’s Day, with the most filing between 15:00 and 15:59, when 2,354 customers filed.

Customers can submit their tax returns and pay any tax owed online at GOV.UK.

Support is available for taxpayers that are unable to pay in full. However, failing to file and pay tax by the deadline will result in penalties and interest.

The penalties for late tax returns are:

• an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time
• after 3 months, additional daily penalties of £10 per day, up to a maximum of £900
• after 6 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, 6 months, and 12 months. Interest will also be charged on any tax paid late.

If you need any help with filing your Self Assessment tax return, please contact us and we will be happy to help!

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