A warning issued by Martin Lewis has urged people to fill in their self-assessment tax return forms as soon as possible, or risk an HMRC fine.
The Money Saving Expert has told millions of people that if they haven't filed their tax return by end of play today (January 31), they are risking being hit with fines, reports the Mirror.
During his ITV programme, The Martin Lewis Money Show on January 24, the money expert explained that people had until January 31 to fill out their tax return forms. This is for the 2021/22 tax year, which ended on April 5, 2022.
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This warning includes the following:
- Those who are high earners
- Those who have earned income from abroad
Those who have earned money on savings and investments
Martin also explained that leaving the forms till today could result in a delayed response, due to the HMRC backlog. Further fines of £10 a day are slapped on after three months - up to a maximum of £900.
For payments that are late by six months, HMRC reserves the right to fine five per cent of the tax you owe or £300, whichever is greater.
People also need to submit a tax return if they were self-employed during the tax year, with an income of more than £1,000, or if HMRC said you underpaid on tax last year.
You might also need to send a tax return if you’ve earned extra money outside of your regular job that hasn’t been taxed.
Speaking on his ITV programme, Martin said: "If you don't do it you risk a £100 fine and if you haven't done the payments that you need, you'll be charged interest on that.
"Because, people can be charged interest on payments that they haven't made to the tax office.
"If you have been sent one of these, you have to do it, even if you don't think you should, you have to do it.
"Please, it's already very late, do not leave it to the last minute.
"I've got reports that the HMRC helpline is clogged."
To see if you have needed to fill in a self-assessment tax return form, visit the HMRC website.
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