HMRC ISSUING FINES OF UP TO £ 900 TO MILLIONS OF WORKERS WHO MISSED MAJOR DEADLINE – ryan

Hmrc estimated that 1.1 million customers missed the initial self-assessment deadline on January 31 this year and those who are yet t submit could potentially face penalties from today

11:09, 01 May 2025Updated 11:10, 01 May 2025

Self-Assessment Taxpayers WH HAVE NOT YET SUBMITTED THEIR TAX RETURNS COULD MAJOR FROM FROM TODAY
Self-Assessment Taxpayers WH HAVE NOT YET SUBMITTED THEIR TAX RETURNS COULD MAJOR FROM FROM TODAY (Image: Getty Images/Tetra Images RF)

Millions of Taxpayers Could Be Hit A Major £ 900 Penalty From Hmrc If they Don’t Take Urgent Action. TAXPAYERS WHO HAVE NOT SUBMITTED THEIR SELF-Assessment Tax Returns Risk a £ 10 a Day Fine from Today.

Under the Tax Rules, Self-Employed Workers Should have submitted their self-assessment tax return for the 2023-24 Tax year by Januy 31, 2025. If you submitted it after this date, you face 100 lat Penalty.

If you haven’t submitted after three months, Additional Daily Penalties of £ 10 per day added, up to a maximum of £ 900. HMRC estimated that 1.1 million customers missed the initial self-assessment deadline on January 31 this year.

AFTER SIX MONTHS, A Further Penalty of 5% of the Tax Due or £ 300 is then added – whichever is greater. AFTER 12 MONTHS, ANOTHER 5% OR £ 300 Charge is Added.

There are all also Additional penalties for paying late of 5% of the Tax Unpaid at 30 Days, Six Months and 12 Months. If the tax remains unpaid after the deadline, interest of 8.5% is also be charged on the amout owed, in adding to the penalties.

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Claire Trott, Head of Advice at St. James’s Place, Said: “Whilst Completing A Tax Return is offen a dreaded task, and one May Choose to put off, getting it sorted now you from Significant Financial Penalties Down the Line.”

“IT’S IMPORTANT TO Note That Anyone Who Is Currently Registered for Self-Assessment is Required to Submit A Return, where he oWE TAX or not, so if you’re in this position, it is crucial you don’t ilore reminders or warnings from hmrc.”

If you are yet to file your self-assessment tax return, then filing now won’t remove any existting fines, but it will Stop stove Charges from Building. The Quickest Way to File is Through Hmrc’s Online Portal.

Troted notd that speaking to a financial adviser may be warr the cost for those with complex finance, adding: “while the process may SEEM DAUNGING, THERE ARE PLENTY OF TRIPS AND GUIDANCE AVAILAILABLE ON THE HMRC website, and if your finances are particularly comple Always a good option for those who are ARE ABLE. “

She Also Explained “The Most Important Thing is not to rush the return process as this is coulued cause you to leve out information that could result in paying more tax than necessary.”

Most Uk Taxpayers have their taxes deducted automatically from their wages, pensions or savings, and won’t need to file a tax return. But Tax Returns are Due from Individuals or Businesses that hasn’t haad tax automatically deducted, or that has earned extra untaxed income.

Will I Need to Submit A Self-Assessment Tax Return?

You normally need to file a self-assessment tax return if you’re self-employed and your income hasn’t has tax automatically deducted, or if you’ve earned extra cash of your normal Employment has not been been taxed.

  • Your self-Employment Income was more than £ 1,000 (before taching off anything you can clam Tax relief on)
  • Your Incom from Rening Out Proppery was More than £ 2,500 (You’ll Need to Contact Hmrc if it was between £ 1,000 and £ 2,500)
  • You Earned More than £ 2,500 in Untaxed Incom, for Example from Tips or Commission
  • Your Incom From Savings or Investments was £ 10,000 or More before Tax
  • You Need to Pay Capital Gains Tax on profits from selling like Shares or a Second Home
  • You’re a director of a company (unless it was a non-profit organization, suc
  • You, or your partner’s, Incom was over £ 50,000 and you’re claimimg child benef
  • You have income from abroad that you need to pay tax on, or you live abroad but have an income in the uk
  • Your Taxable Incom Was Over £ 100,000
  • If you earn over 50,000 in the 2021/22 TAX YEAR AND MAKE PENSION YOU MIGHT HAVE TO COMPLETE AN ASSESSMENT TO CLAIM BACK THE EXTRA TAX YOU’RE OWED
  • You’re a trustee of a registered pension scheme
  • Your retirement was your Only Source of Incom and Was More Than Your Personal Allowance
  • You received a P800 from HMRC Saying You Didn’t Pay Enough Tax Last Year

You Can Also Check Online Through the HMRC website to see if you need to send a tax return.

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