To avoid significant penalties and interest charges, taxpayers must ensure any taxes owed to HMRC are paid by January 31, 2025. Currently, the interest rate charged on unpaid taxes is 7.75% per annum, which has increased dramatically in recent years, making late payments increasingly costly. If taxpayers fail to file their returns on time, they will incur penalties, starting with a £100 fine and escalating daily fines after three months. The potential total penalties can accumulate quickly, reinforcing the importance of timely payments and filings.
If any tax due by 31 January 2025 is not paid in time, HMRC will charge interest. This is currently at a rate of 7.75% per annum.
Penalties can also rack up quickly and it's important that taxpayers file their returns and pay their tax by the deadline or as soon as possible afterwards.
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