Revenue declaration season completed-what happens next?

Preview

The self-assessment deadline for the 2023/2024 British taxation year is now adopted, and HMRC has shared that a huge 11.5 million people have succeeded in submitting their income declarations in time.

Most people (more than 97%) have chosen to deposit online, showing how the digital deposit has become the standard. For those who like the thrill of a deadline, more than 730,000 returns were submitted on January 31 only, with more than 58,000 in the last hour of the deadline.

What if you missed the deadline?

If you were not one of the millions of people who obtained their income tax return, do not panic, there is still time to settle it. While late deposits are delivered with a penalty of £ 100 (and additional costs if they are left longer), the sooner you submit, the better. HMRC encourages those who have missed the deadline for deposit as soon as possible to avoid additional fines.

Daily penalties:

If you miss the deadline, you can face new penalties. Once your income declaration is 3 months late, HMRC will start to apply Daily penalties From £ 10 per day, up to a maximum of £ 900. If the declaration is 6 months late, you could cope with a penalty of £ 300 or 5% of the due tax (according to the largest). At 12 months, the HMRC can charge an additional penalty of 5% of the due tax. So the more you leave it, the more expensive it could cost.

For those who owe taxes but who are worried to pay in full, the “payment time” service of the HMRC could help to distribute the cost of manageable payments over a period of agreed time.

Need one hand?

The tax season can be stressful, and we know how easy it is for life to hinder. Whether you need help producing a late declaration, setting up a payment plan or simply understanding your tax situation, we are here to help you.

Following steps

Etc taxes is likeTax consultative company for specialists providing support to individuals, business owners and their professional advisers On a range of complex tax problems. So if you’re looking for tax advice, We Are there to help you, do not hesitate to contact us.