An automatic penalty that could net the Treasury with a windfall of £340 million could be triggered next Friday (31st Jan) if every outstanding tax return is not submitted.
The latest figures released by HMRC show that of the 13 million tax returns expected by the end of January, 3.4 million have not yet been filed - this means over 25 percent of expected returns have not been completed.
The figures seem startling but there is always a rush toward filing date and significant progress has been made since the start of the year - in a two week period two million tax returns have been submitted taking the original 5.4 million possible late tax returns figure down considerably.
Don't ring in February having been hit with a £100 penalty - get your tax return filed and if you want to estimate what your tax bill is before you input your figures/transmit them to HMRC systems you can always use our 2024 Tax Return Calculator.