Son Entitled to Shares Under Oral Agreement
When entering into business relationships, it is always sensible to record any agreements in writing to minimise the risk of later disputes. The point was demonstrated in a recent case...
Continue readingHM Revenue and Customs (HMRC) have announced that more than 11.5 million taxpayers filed self-assessment tax returns for the 2023/24 tax year by the deadline of 31 January 2025.
HMRC had received 11,509,810 returns by the deadline, down slightly from 11,581,962 the previous year. More than 97 per cent of returns were filed online, and 732,498 taxpayers filed their returns on 31 January.
HMRC estimate that 1.1 million taxpayers missed the deadline, and are urging taxpayers who have not yet done so to file their tax return now and pay any tax due.
The penalties for filing a tax return late are:
- an initial £100 fixed penalty. This applies even if there is no tax to pay, or if the tax due is paid on time;
- after three months, additional daily penalties of £10 per day, up to a maximum of £900;
- after six months, an additional penalty of 5 per cent of the tax due or £300, whichever is greater;
- after 12 months, another penalty of 5 per cent of the tax due or £300.
If tax is paid late, penalties of 5 per cent of the unpaid tax apply at 30 days, six months and 12 months. These are in addition to the penalties for late filing. Interest is also charged on tax paid late.