Finances may be the last thing you want to focus on at this time of year, but a money expert it needs to be done
HM Revenue and Customs is urging taxpayers to prioritise their Self Assessment tax returns ahead of the looming January 31, 2025, deadline. For many, Christmas brings financial strain, but experts warn that leaving tax submissions and payments until the last minute could add unnecessary stress to an already demanding time of year.
"The Time to Pay system offered by HMRC allows those who owe less than £30,000 to set up a payment plan online, spreading the cost over up to 12 months. For taxpayers with larger tax bills, flexible arrangements can be made by contacting HMRC directly. More than 15,000 customers have already taken advantage of this system for the 2023 to 2024 tax year.
The penalty for late filing is £100, which can increase significantly over time if the delay persists. Late payment penalties are also added to outstanding balances. Andy Wood urges taxpayers not to underestimate the importance of acting fast. HMRC has also made it easier than ever for people to settle their tax bills. Taxpayers can use the free HMRC app, the GOV.UK website, or traditional methods like online banking, telephone banking, or even payments via debit or corporate credit cards. Wood notes the variety of payment options but advises taxpayers to carefully plan their approach: “HMRC has made significant strides in offering flexible, convenient ways to pay, from online banking to the HMRC app.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
State Pensioners Can Avoid HMRC Tax Using Underused HMRC PerkState pensioners can reduce their tax bill by up to £252 by utilizing an often-overlooked HMRC perk. This perk allows pensioners to transfer part of their personal allowance to their spouse, increasing their allowance and reducing taxable income.
Weiterlesen »
HMRC says 'don't forget' as people could claim up to £1,331People could receive more than £100 every four weeks
Weiterlesen »
Millie Mackintosh's go-to winter aviator coat is from Next and it's under £100Millie Mackintosh has been our go-to celeb for winter outfit inspiration recently and now we know where to shop for her favourite Aviator coat.
Weiterlesen »
£100 payment to help pensioners with winter fuel cutsPensioners affected by cuts to winter fuel support are to get a one-off £100 payment from Stormont.
Weiterlesen »
NI pensioners to receive £100 payment after winter fuel cutsIt's hoped the payment will be made to those eligible before the end of March 2025
Weiterlesen »
Drivers warned to remove winter coats or face £100 fine under little-known lawMotorists across the country may be slapped with a hefty £100 fine for forgetting to take off their jacket this winter due to a little-known driving law, a motoring expert has warned
Weiterlesen »