More than 11.5 million taxpayers successfully beat the Self-Assessment tax return filing deadline, as revealed by HM Revenue and Customs (HMRC). Among these taxpayers were residents of Lanarkshire who managed to file their tax returns for the 2023 to 2024 tax year on time. The deadline for filing was on January 31, and a total of 732,498 individuals filed their returns on the last day, thus avoiding a £100 fine.
According to HMRC, the most popular time for filing tax returns was between 4pm and 4.59pm, with 58,517 people submitting their returns during this time slot. However, thousands of individuals waited until the final moments, with 31,442 taxpayers filing between 11pm and 11.59pm. HMRC is now encouraging anyone in Lanarkshire who missed the deadline to promptly file their tax return and settle any outstanding taxes owed.
Late filing and late payment penalties can be imposed for failing to meet the tax return deadline. The penalties can include an initial £100 fixed penalty, additional daily penalties of £10 after three months, a further penalty after six months, and another charge after 12 months. Additionally, there are penalties for late payment, with interest being charged on any overdue tax payments.
HMRC’s director general for customer services, Myrtle Lloyd, expressed gratitude to those who filed their tax returns on time and paid any outstanding taxes. She urged individuals who missed the deadline to submit their returns promptly to avoid further penalties. Taxpayers can make payments securely through the HMRC app and explore Time to Pay arrangements if unable to pay the full tax amount at once.
In addition, individuals who sell goods or services through online platforms may also be required to pay tax on their income. Those in Lanarkshire can access guidance on selling online and paying taxes on GOV.UK or by using the HMRC app to determine if they need to complete a Self-Assessment tax return.
In conclusion, meeting tax return deadlines is crucial to avoid penalties and ensure compliance with HMRC regulations. Taxpayers are reminded to file their returns on time and settle any taxes owed promptly to avoid facing unnecessary fines and charges.