HMRC warning: Britons face 'unnecessary fines' if they miss tax deadline in a couple of weeks
Taxpayers are at risk of being hit with "unnecessary fines"
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Taxpayers are at risk of being hit with "unnecessary fines" from HM Revenue and Customs (HMRC) if they miss a crucial deadline on June 31, experts are warning.
Experts from Federal Management are sounding the alarm that thousands of Britons could be charged if they miss at least one of multiple tax deadlines coming up.
Here is a full list of the deadlines taxpayers need to be aware of before July 31:
- Making the second payment on account for Self-Assessment Taxpayers.
- The renewal of tax credits
- Ensuring payments of capital gains tax (CGT) for property
- Submit declarations for offshore assets.
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Toure began working as a customer service consultant at HMRC’s Croydon office in October 2019GETTYWhen someone is self-employed or has another form of untaxed income, they might need to make a Payment on Account to HMRC.
This is when a taxpayer makes a contribution tax bill for the year, based on the previous year's income, with the second instalment being due by July 31.
If someone does not meet this deadline, they could be levied with interest charges on the amount they do owe which begins from the due date until date of payment.
July 31 is also an important date for those receiving tax credits as it is the cutoff for renewing their claim.
Tax credits may stop getting payments if they miss this deadline and may have to repay what they have already started claiming back to HMRC.
As well as this, those who have sold a property in the past year need to have this day in mind as they are liable to pay CGT.
Many households will have to settle their tax bill by July 31 depending on when the sale of their property was completed.
Delaying payment of capital gains tax after this date could result in late payment penalties.
Finally, anyone with assets or investments based outside of the UK may have to pay tax on them by July 31, depending on their circumstances.
If someone does not disclose their offshore assets, potential penalties could arise which may be severe.
LATEST DEVELOPMENTS:
Tories claim Labour will raise tax bills significantlyGETTY James O’Brennan a finance expert from Federal Management, reminded taxpayers that is always better to be as early as possible when it comes to making payments.
He explained: "July 31st is a crucial date for managing your taxes and maintaining your financial health.
"By staying proactive and informed, you can avoid unnecessary fines and ensure peace of mind.
"Remember, in the world of taxes, being early is always better than being late."
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