Mon, 03 Feb 2025

More than a million miss tax return deadline

Thousands of people left it to the last minute before the cut-off at the end of Friday.
1.1 million people missed the deadline for filing their annual tax returns, according to HMRC. Those who did miss the deadline will face at least £100 penalty unless they can provide a valid excuse. Over 11.5 million people completed their self-assessment on time, including some who finished in the last hour before the deadline. People required to file a tax return every year include those who are self-employed or have multiple sources of income. The majority also ensure timely payment of any owed taxes. However, Barclays' IT issues on Friday may have caused additional stress for those trying to pay their taxes. Despite the deadline being January 31st, penalties for late payments aren't applied until March 1st. Those who missed the deadline can expect financial penalties and fines for late payment with added interest. Appeals against these fines can be made in writing or by submitting a form, but a self-assessment must first be completed. Additionally, new rules have been put into place requiring online platforms like eBay and Vinted to share sales information of sellers who make 30 items or more or earn at least £1,700. This data will be used to assess individual tax returns and ensure accurate payments are made.
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