26/01/2025
Edge Accounting
www.telfordaccountancy.co.uk
With only a week left until the Self Assessment deadline, 3.4 million customers are yet to file their 2023 to 2024 tax returns. HM Revenue and Customs (HMRC) is urging everyone to file now or risk missing the 31 January deadline—and facing a £100 penalty.
Time is running out! If you haven't yet filed your Self Assessment tax return, don't worry—help is available. Edge Accounting is here to assist you with a free consultation and straightforward advice to ensure you meet the deadline.
Don't wait for HMRC to send you a penalty letter!
If you don't pay your tax bill or arrange a payment plan by the deadline, each case will be considered individually. While those with a reasonable excuse may avoid a penalty, others may face the following charges:
An initial £100 fixed penalty, regardless of whether there is tax to pay or if the tax due is paid on time
After 3 months, additional daily penalties of £10 per day, up to a maximum of £900
After 6 months, a further penalty of 5% of the tax due or £300, whichever is greater
After 12 months, another 5% or £300 charge, whichever is greater
Additionally, there are penalties for late payments:
5% of the tax unpaid at 30 days, 6 months, and 12 months
Interest charged on unpaid tax after the deadline
If you've left it to the last minute, we might still be able to help.
Visit www.telfordaccountancy.co.uk
or send us a message.
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