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The UK’s HM Revenue and Customs (HMRC) has warned that millions of people who have yet to file their online self-assessment tax returns ahead of the midnight deadline risk a £100 fine. The tax authority advised over 3 million individuals who face the penalty to visit its website for assistance and to use its app to settle outstanding payments. As of the article’s writing, approximately 8.6 million people had filed taxes for 2023-2024, including small businesses and workers with supplementary income.
Late filings for online self-assessment tax returns will result in an initial £100 fixed penalty, which will stand whether there is tax to pay or not. If the licence holder fails to settle the payment within three months, a supplementary £10 penalty will be applied each day, up to a maximum of £900. After a six and 12-month period, additional interest and further penalties will be charged.
HMRC recently passed new laws requiring platforms such as eBay and Vinted to disclose sales information for individuals or sellers that have completed transactions for around 30 items on their sites, comparing these records with the tax returns of these individuals. The rules were intended to complement government actions to close the digital tax economy’s loopholes that allow online traders to avoid their fair share of taxes.
Accountant Benedicta Egbeme, founder of BeniRatio Finances, responded to the article by stating that although the United Kingdom’s tax system is “complicated and overwhelming,” taxpayers must not “bury their head in the sand” and ignore the situation. She explained that individuals facing the deadline and have no reasonable justification for filing late should estimate the sum they are required to pay and make the payment as soon as possible to avoid interest charges
Read the full article from The BBC here: Read More
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