There are just hours remaining for landlords who have not yet filed their tax return to meet the January 31 deadline or risk a late filing penalty of £100.
Latest official figures show 8.6m or 66$ of those tax payers who should do so have already filed their tax return. Once a tax return is filed, payments can also be made through the HMRC app.
The penalties for late 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 three months, additional daily penalties of £10 per day, up to a maximum of £900;
– after six 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.
HM Revenue & Customs says it’s issued a penalty warning to some 3.4m taxpayers who have not returned their self-assessment form ahead of the deadline to file a tax return for the 2023 tax year.
Myrtle Lloyd, HMRC’s director general for customer services, says: “Time is running out for the millions still to file their Self Assessment tax return by January 31. Help and support is available for those who have not yet started their return.”
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