HM Revenue & Customs reported that over 1 million individuals missed the self-assessment tax return filing deadline, which came into effect on January 31. Taxpayers face an immediate penalty of £100, regardless of whether they owe tax. The penalties escalate over time, potentially reaching a total of £1,600 if returns remain unfiled for 12 months. Recent economic conditions and policy changes have pushed many new filers into the tax system, emphasizing a growing need for awareness about self-assessment requirements.
More than 1 million people have missed the self-assessment tax return deadline, resulting in a fixed penalty of £100 for late submissions.
The figures indicate that recent policy changes and economic factors have inadvertently increased the number of individuals requiring a tax return.
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