HMRC Warning as Thousands of Landlords Risk Missing Tax Deadline

HM Revenue and Customs says that its latest data – one week ahead of the January 31 Self Assessment deadline – shows 3.8m people yet to file their tax return.

Many thousands are believed to be landlords.

HMRC says it’s expecting more than 12.1m tax returns to be filed for the 2022 to 2023 tax year along with any payment that is owed. By the end of Wednesday January 24th, more than 8.3m online returns had been received.

The penalties for late tax returns are an initial £100 fixed penalty, which 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 are levied; after six months, there’s a further penalty of five per cent of the tax due or £300, whichever is greater. After 12 months, another five per cent or £300 is charged, whichever is greater.

HMRC will consider a customer’s reasons for not being able to meet the deadline. Those who provide a reasonable excuse may avoid a penalty.

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