Martin Lewis Highlights Key Phrase to Avoid £100 HMRC Penalty
# Martin Lewis Issues Warning on Key Phrase to Evade £100 HMRC Penalty
**Prominent financial expert Martin Lewis has highlighted a crucial phrase for taxpayers to remember as a deadline approaches.**
Martin Lewis, the well-known financial journalist and founder of MoneySavingExpert.com, has alerted taxpayers regarding a significant time-sensitive issue with HM Revenue and Customs (HMRC). As the deadline for tax submissions draws near, individuals are urged to use a specific phrase to prevent incurring a £100 penalty from HMRC. This advisory comes in response to the annual self-assessment deadline, which requires taxpayers to file their returns accurately and on time.
The prominent deadline for submitting tax returns is set for January 31. Lewis emphasized that many people may overlook their responsibilities in filing their self-assessment tax returns, risking hefty fines. To circumvent this financial penalty, he recommended ensuring that the phrase "I was unaware of the filing requirement" be included in any communications with HMRC if there are issues with the return. This statement could potentially serve as a mitigating factor in the case of any discrepancies that may arise.
In a video snippet, Lewis explained the importance of this phrase while answering viewers' queries about tax obligations. He stated, "If you genuinely did not understand that you had to file a return, this phrase can help, but be sure to back it up with relevant information." This highlights the need for taxpayers to be proactive and informed regarding their obligations.
As the January 31 deadline approaches, the government is particularly vigilant regarding late or inaccurate submissions. Taxpayers are encouraged to ensure their return is submitted promptly and completely to avoid unnecessary complications and fines. This advice is especially pertinent for those who may be filing for the first time or who have recently undergone changes in their financial circumstances.
This report is for informational purposes only and is not financial advice.