According to HMRC, 1.1 million taxpayers missed the 31 January 2023/24 income tax Self Assessment submission deadline.
If you’re one of those who has yet to submit your tax return, don’t delay! We recommend submitting your Self Assessment as soon as possible. While you will incur an initial £100 fixed penalty, delaying for more than three months could result in 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) will be applied, with additional 5% penalties charged on tax still owed after 12 months.
If you’re unable to pay your tax bill, engaging with HMRC and a trusted tax adviser as early as possible is crucial – early engagement gives you the best chance of mitigating any financial penalties. Options such as ‘time to pay’ arrangements may help you avoid additional penalties, although late payment interest will still accrue.
Get in Touch
If you’ve yet to submit your 2023/24 tax return and need help or advice to minimise penalties, please speak with your usual PM+M adviser or email us at enquiries@pmm.co.uk.
