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HMRC Warning: File Your Tax Return by January 31 to Avoid £900 Penalty

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  • HMRC self-assessment tax return deadline is January 31
  • Late filers face immediate £100 fines, with daily £10 penalties starting after three months
  • Interest on late payments set at 7.25%, increasing the amount owed

Brits are being urged to file their self-assessment tax returns before the January 31 deadline to avoid hefty penalties. The final date for submitting a return for the 2023/24 tax year is this Friday, and those who miss the deadline will face immediate fines.

Alastair Douglas, CEO of TotallyMoney, explained: "The taxman will issue £100 fines as soon as the clock strikes midnight. After three months, daily penalties of £10 will begin, up to a maximum of £900, with even steeper fines for prolonged delays."

For those struggling to pay their tax bill, HMRC offers a Budget Payment Plan, allowing taxpayers to spread the cost over weekly or monthly instalments. To set this up, you'll need your unique tax reference number, bank details, and any missed payment information.

Douglas added: "Interest on late payments is charged at 7.25%, meaning unpaid taxes can quickly snowball alongside additional fines."

To avoid long wait times, HMRC recommends calling 0300 200 3820 well before the deadline if assistance is required.

Tom Church, Co-Founder of LatestDeals.co.uk, said: "Tax deadlines can creep up quickly. Even if you can’t pay in full, communicating with HMRC to set up a payment plan can save you from escalating fines and fees."

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