Millions of individuals within the UK are vulnerable to being penalized after HM Revenue & Customs (HMRC) revealed that 5.4 million taxpayers have not yet filed a tax return.
With the January 31 deadline fast approaching, HMRC is urging anyone who has not yet submitted a claim to achieve this immediately to avoid hefty penalties.
Tax insurance company Qdos reacted to the announcement by warning that failure to assert and pay on time will lead to an automatic penalty of £100. The longer the delay, the faster additional charges are incurred, with day by day fines and further charges being imposed after three, six and 12 months. Seb Maley, chief executive of Qdos, said: “If you fail to file and pay your tax return by midnight on January 31, you will probably be immediately fined £100. These penalties begin to accrue and interest is added to the quantity you owe. Needless to say, taking motion sooner relatively than later will make a big difference.
“Furthermore, unsubmitted, late or incorrect tax returns may increase the likelihood of an HMRC investigation. It is essential that you do everything you can to meet this month’s deadline and file an accurate tax return.”
For taxpayers who’re concerned about paying off their debts, HMRC’s Time to Pay facility permits you to spread the associated fee of any outstanding bills into reasonably priced monthly installments. In its press release, HMRC reminded individuals who have not filed a return that even when there isn’t a tax due, or if tax is paid on time, there continues to be a fixed penalty of £100 should you file a late return.
 revealed that 5.4 million taxpayers have yet to submit their self-assessment tax return.){kind=link}