Martin Lewis Warns of £100 HMRC Penalty Ahead of January Tax Deadline
# Martin Lewis Issues Warning About £100 HMRC Penalty with January Deadline
Martin Lewis, the founder of MoneySavingExpert, has raised an alert regarding potential fines from HMRC. He highlighted that individuals who fail to submit their tax returns by the January deadline could face fines of up to £100.
The warning comes as the deadline for the self-assessment tax return on January 31 approaches. Taxpayers must file their returns accurately and on time to avoid these penalties. Lewis emphasized the importance of meeting this deadline, especially for those who have yet to register for self-assessment.
HMRC has already warned taxpayers that missing the deadline will incur an automatic £100 fine, which can escalate further if the return remains unfiled. "Don’t put off your tax return," Lewis urged. "Those facing penalties should act quickly to avoid escalating costs."
Self-assessment allows individuals to declare their income and calculate their tax obligations. Late submissions lead not only to fines but also to interest on overdue payments. Lewis's advice serves as a timely reminder for taxpayers to stay vigilant ahead of the tax deadline.
This report is for informational purposes only and is not financial advice.