According to Which, almost a fifth (55%) of Britons are still not thinking about filing their tax returns by the due date.
According to the consumer champion, it is important not to file a return before January 31, which can lead you to lose your rights. A survey found that 19% of those surveyed had never considered taking action.
Which? also found Britons will rack up 25million hours filing their returns this year and 22 per cent will have to use their savings to pay.
If a taxpayer fails to file their tax return before January 31, they will not be subject to a late filing penalty if the online returns are filed by February 28. The self-assessment tax payer has the opportunity to establish a time-to-pay arrangement. This allows individuals or businesses to spread out their tax payments. Stock pic
HMRC announced this year that self-assessment taxpayers will have to file their tax returns by February 28, in order to avoid a late payment penalty. Interest on any overdue payments begins accruing from February 1, but they must do so before February 28.
Which? recommends ‘the sooner you can get started, the better’.
Its money editor, Jenny Ross, said: ‘You’ll still be charged interest if you don’t pay your bill by January 31.’
Which? What is Which?
8 percent of the respondents claimed that they labored on the job for longer than 5 hours.
However, smart 38 percent are ready and have already planned for this expense.
To avoid getting an immediate £100 fine and other repercussions costing thousands, Which? says ‘the sooner you can get started, the better’.