An “pressing” warning has been issued to the 1 million taxpayers HMRC estimates missed an vital deadline.
Britons have simply hours left to make sure their 2024/2025 tax liabilities, an skilled has warned (Picture: Getty)
Taxpayers have been warned to behave within the coming hours to keep away from expensive penalties. Audit, tax and enterprise advisory agency, Blick Rothenberg, issued an “pressing” warning to the a million self-assessment taxpayers HMRC estimates missed the January 31 deadline to settle their tax liabilities for 2024/25, that if they do not pay up earlier than Tuesday (March 3), they will be hit with a 5% surcharge on any underpaid taxes.
Folks on this scenario are additionally topic to late fee curiosity, which kicks in after the official tax fee deadline on February 1. Robert Salter, a director on the agency, mentioned: “Late fee curiosity may have been accruing from February 1, 2026, at an annualised fee of seven.75% on prime of this surcharge. The 5% surcharge means a taxpayer with a self-assessment legal responsibility of £2,000, settled on April 1, 2026, would face an extra value of roughly £125 on prime of the core tax due.”
HMRC deadlines for 2026
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“This determine would proceed to extend, the longer that the tax stays excellent, and extra 5% surcharges can come up, the place the tax is unpaid six and twelve months after the core fee deadline,” the tax skilled defined.
Mr Salter mentioned the surcharge and curiosity cost on unpaid taxes have been core components of the Self-Evaluation Tax System for nearly three a long time.
“Most individuals would agree that it’s acceptable for taxpayers who haven’t settled their liabilities to be topic to further prices,” he mentioned.
Nevertheless, he acknowledged that “given the rising tax burden confronted by taxpayers through the years as a result of mounted tax bands, along with the continuing squeeze arising from the cost-of-living disaster, many taxpayers might be struggling to settle their liabilities on a well timed foundation”.
Mr Salter mentioned, whereas it could actually’t be identified precisely how a lot further income HMRC can count on to gather in late tax fee prices, “their statistics point out that they’ve beforehand obtained over £300m in self-assessment-related penalties in a single yr”.
“Many taxpayers most likely haven’t submitted their 2024/25 tax returns but, and even some taxpayers who’ve filed their returns will nonetheless not have really paid the taxes due,” he added.
“With the sharp improve in efficient tax charges in recent times, HMRC’s penalty ‘file’ might be exceeded within the coming months.”
You could find out extra about late penalties and pay on the UK Authorities web site.
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