Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

5.4 million yet to file self-assessment tax returns, warns HMRC

by January 6, 2025
January 6, 2025
5.4 million yet to file self-assessment tax returns, warns HMRC

Millions of people across the UK are at risk of penalties after HM Revenue & Customs (HMRC) revealed that 5.4 million taxpayers have yet to submit their self-assessment tax return.

With the 31 January deadline fast approaching, HMRC has urged anyone who has not yet filed to do so immediately to avoid hefty fines.

Tax insurance firm Qdos reacted to the announcement, warning that failing to file and pay on time incurs an automatic £100 penalty. Additional charges mount rapidly the longer the delay persists, with daily penalties and further levies imposed after three months, six months and 12 months. Seb Maley, chief executive of Qdos, said: “Fail to file your tax return and pay it by midnight on 31 January and you’ll be hit with a £100 fine immediately. These fines start to rack up, with interest added to the amount you owe. Needless to say, acting sooner rather than later will make a big difference.

“What’s more, unfiled, late or incorrect tax returns can increase the likelihood of being investigated by HMRC. Doing everything you can to meet this month’s deadline and submit an accurate tax return is vital.”

For taxpayers concerned about meeting their liabilities, HMRC’s Time to Pay facility can spread the cost of any outstanding bill into manageable monthly instalments. In its press release, HMRC reminded those who have not filed that even if there is no tax due or if the tax is paid on time, a £100 fixed penalty still applies if the return is late.

Read more:
5.4 million yet to file self-assessment tax returns, warns HMRC

0
FacebookTwitterGoogle +Pinterest
previous post
Questioning the Housing Crisis: A Different Approach to Estimating Housing Availability
next post
Small businesses warn of layoffs as new employment rights bill prompts worry

You may also like

Why some of the old rules still apply...

March 19, 2024

Can a business be both purpose-driven and profitable?

April 18, 2024

More teacher strikes loom as unions vow to...

May 1, 2023

WeWork’s offices are back in business

August 5, 2022

Where should you be investing your unused marketing...

February 1, 2024

UK steel industry faces fresh crisis as US...

May 31, 2025

New calls for Hunt to freeze business rates

August 20, 2023

Overcome Your Drive and Investigate Further with the...

April 20, 2024

Top unusual ways to celebrate birthday party

May 24, 2024

Businesses in battle to find skilled staff

March 27, 2023

Why some of the old rules still apply...

March 19, 2024

Can a business be both purpose-driven and profitable?

April 18, 2024

More teacher strikes loom as unions vow to...

May 1, 2023

WeWork’s offices are back in business

August 5, 2022

Where should you be investing your unused marketing...

February 1, 2024

UK steel industry faces fresh crisis as US...

May 31, 2025

New calls for Hunt to freeze business rates

August 20, 2023

Overcome Your Drive and Investigate Further with the...

April 20, 2024

Top unusual ways to celebrate birthday party

May 24, 2024

Businesses in battle to find skilled staff

March 27, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Haitian Immigrants Have a Low Incarceration Rate

      July 7, 2025
    • Sen. Steve Daines says regime change is the best long-term plan in Iran

      July 7, 2025
    • Biden aides pushed for early debate to show off Biden’s ‘strength,’ expose Trump’s ‘weakness,’ book says

      July 7, 2025
    • US champions Lebanon’s response to Hezbollah disarmament, hints at Abraham Accords opportunity

      July 7, 2025
    • Liberal critics question why architect of failed Biden foreign policy is advising ‘Project 2029’

      July 7, 2025
    • Trump’s Vietnam Agreement Bodes Poorly for Future Trade Deals

      July 7, 2025

    Categories

    • Business (8,409)
    • Investing (2,105)
    • Politics (15,954)
    • Stocks (3,192)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved