Third of taxpayers yet to complete Self Assessment with just one week to go
Almost a third of tax returns are outstanding with just a week to go before the January Self Assessment deadline, HM Revenue & Customs (HMRC) has revealed.
In a recent update, the tax office said there are over three million customers – those who don’t pay tax through the PAYE system – yet to complete their 2016/17 return.
The deadline for sending the Self Assessment tax return to HMRC, as well as pay any tax due, is midnight 31 January 2018.
Angela MacDonald, HMRC Director General of Customer Services, said: “The 7-day countdown to 31 January has now begun. Put a stop to that niggling feeling and do your Self Assessment now. Our helpful online services offer support and advice, so you can complete your tax return quicker than you think.”
It warned that sending your tax return late will result in a £100 penalty – even if you do not owe any tax.
However, those who think they will struggle to pay any tax owed can contact the Business Payment Support Service (BPSS).
Through this service, the tax office may agree to instalment arrangements, suspend debt collection proceedings, review penalties, reduce payments on account, or agree to defer payment due to short-term cash flow difficulties.