Warning taxpayers could face £100 penalty if they miss imminent deadline
manchestereveningnews.co.ukSelf-employed income earners have until today to pay their tax bill. This is specifically for people who have chosen to make advance payments on their yearly bill rather than paying the hefty sum all at once at the end of January.
This July 31st deadline comes after 1.1 million self-assessors missed the tax return filing deadline this past January. Penalties imposed for late payments start at £100 if your tax return is up to three months late.
This amount also starts accumulating interest if it’s still not paid after three months, biting into the profits of self-employed people.
However, it’s not all doom and gloom for those who can’t meet today’s deadline. Some reasonable excuses for late payments are accepted by HMRC, such as unexpected hospital stays or postal delays but more common excuses will still be met with an unyielding penalty.
Read more on manchestereveningnews.co.uk