{"id":100724,"date":"2024-12-29T15:55:00","date_gmt":"2024-12-29T15:55:00","guid":{"rendered":"https:\/\/en.econostrum.info\/uk\/?p=100724"},"modified":"2024-12-29T15:33:50","modified_gmt":"2024-12-29T15:33:50","slug":"hmrc-urges-early-tax-return-filing","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/uk\/hmrc-urges-early-tax-return-filing\/","title":{"rendered":"HMRC Urges Early Tax Return Filing to Avoid Penalties"},"content":{"rendered":"\n<p><strong>Taxpayers<\/strong> across the UK are being urged to act swiftly to file their <strong>Self Assessment tax returns<\/strong> ahead of the looming <strong>January 31, 2025, deadline<\/strong> to avoid financial penalties. With over <strong>12 million individuals<\/strong> required to submit returns for the<strong> 2023\u20132024 tax year<\/strong>, HMRC has emphasised the importance of timely and accurate filing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u00a3100 Fine for Late Submissions<\/h2>\n\n\n\n<p>Missing the <strong>31 January deadline<\/strong> incurs an automatic <strong>\u00a3100 penalty<\/strong>, regardless of whether there is any tax owed. Further delays can lead to additional penalties:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Three months late<\/strong>: \u00a310 daily fines for up to 90 days (up to \u00a3900).<\/li>\n\n\n\n<li><strong>Six months late<\/strong>: A fine of either \u00a3300 or 5% of the tax owed, whichever is greater.<\/li>\n\n\n\n<li><strong>12 months late<\/strong>: An additional \u00a3300 or 5% of the tax owed.<\/li>\n<\/ul>\n\n\n\n<p>Nick Haines, Tax Partner at Hazlewoods, remarked: \u201cI know the last thing people want to think about over the festive period is their tax return, but by getting it done as soon as possible, they can avoid stress and unwelcome surprises in January.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Rising Scam Concerns<\/h2>\n\n\n\n<p>With the deadline approaching, <a href=\"https:\/\/en.econostrum.info\/uk\/households-dwp-and-hmrc-winter-support\/\" target=\"_blank\" data-type=\"post\" data-id=\"100331\" rel=\"noreferrer noopener\">HMRC<\/a> warns of a surge in phishing scams. Fraudsters are increasingly using sophisticated methods, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fake offers of <strong>tax rebates<\/strong>.<\/li>\n\n\n\n<li>Emails or calls requesting <strong>personal financial information<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p>Haines added: \u201cScams today have become so advanced, they can be increasingly difficult to spot. If people remain cautious and report anything that seems \u2018off,\u2019 then hopefully some can be avoided.\u201d<\/p>\n\n\n\n<p>HMRC advises individuals to report suspicious communications to <a href=\"https:\/\/www.gov.uk\/government\/organisations\/hm-revenue-customs\/contact\/reporting-fraudulent-emails\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.gov.uk\/government\/organisations\/hm-revenue-customs\/contact\/reporting-fraudulent-emails\" rel=\"noreferrer noopener\"><strong>phishing@hmrc.gov.uk<\/strong>.<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">First-Time Filers and Support Resources<\/h2>\n\n\n\n<p>First-time filers are encouraged to take immediate steps, including:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Registering for Self Assessment<\/strong>: Those new to the process must obtain a <strong>Unique Taxpayer Reference (UTR)<\/strong> via GOV.UK.<\/li>\n\n\n\n<li><strong>Accessing Online Tools<\/strong>: HMRC provides detailed <strong>YouTube tutorials<\/strong> and step-by-step guides.<\/li>\n\n\n\n<li><strong>Verifying Requirements<\/strong>: Individuals unsure about the need to file a return can use the eligibility checker on GOV.UK.<\/li>\n<\/ol>\n\n\n\n<p><a href=\"https:\/\/www.gov.uk\/government\/people\/myrtle-lloyd\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.gov.uk\/government\/people\/myrtle-lloyd\" rel=\"noreferrer noopener\">Myrtle Lloyd<\/a>, HMRC\u2019s Director General for Customer Services, noted: \u201cThe countdown to the Self Assessment deadline has begun, but there is still time to thoroughly prepare and file an accurate tax return by 31 January.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Main Figures and Insights<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>12.2 million<\/strong> taxpayers filed returns for the 2022\u20132023 tax year.<\/li>\n\n\n\n<li>Of these, <strong>over 10.5 million<\/strong> used HMRC\u2019s <strong>online portal<\/strong>.<\/li>\n\n\n\n<li>An estimated <strong>96% of taxpayers<\/strong> avoided penalties by filing on time last year.<\/li>\n\n\n\n<li>Around <strong>630,000 late filers<\/strong> faced fines exceeding <strong>\u00a3100 each<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Tips for Accurate and Timely Filing<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Double-check personal details<\/strong>: Errors in addresses or National Insurance numbers can delay processing.<\/li>\n\n\n\n<li><strong>Gather all necessary documents<\/strong>: P60s, P45s, dividend records, and business income summaries.<\/li>\n\n\n\n<li><strong>Pay any outstanding tax<\/strong>: Payments are due alongside the return submission to avoid additional interest charges.<\/li>\n<\/ul>\n\n\n\n<p>Hazlewoods also advises taxpayers to leave ample time to review their filings for errors, as last-minute submissions often lead to mistakes.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Millions of UK taxpayers face an important deadline this January, with penalties waiting for late submissions.<\/p>\n<p>Early action can help avoid fines and reduce the stress of last-minute tax filing.<\/p>\n","protected":false},"author":9,"featured_media":100727,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":["post-100724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxation","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts\/100724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/comments?post=100724"}],"version-history":[{"count":4,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts\/100724\/revisions"}],"predecessor-version":[{"id":100744,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts\/100724\/revisions\/100744"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/media\/100727"}],"wp:attachment":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/media?parent=100724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/categories?post=100724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/tags?post=100724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}