Date Published 31 January 2025
The deadline of January 31st for landlords to file their annual tax return is hours away, those not meeting this deadline risk a late filing penalty of £100. Recent official statistics demonstrate around 66% (approx. 8.6m) of those tax payers have already met this deadline and finalised filing of their annual returns. Once a tax return has eventually been filed, payments can then also be completed via the official HM Revenue & Customs (HMRC) app.
Penalties for returns made past the deadline are as such:
•An initial £100 fixed penalty, which applies even if there is no tax to pay or if the tax due is paid on time.
•Following three months, there is due to be additional daily penalties of £10 per day up to a maximum of £900.
•Following six months, a further penalty of 5% of the tax due or £300 (whichever is greater) will be implemented.
•Following one year, another 5% or £300 charge (whichever is greater) is also to be applied.
•HMRC states it's issued a penalty warning to around 3.4m taxpayers who have yet to return their self-assessment form ahead of today's rapidly approaching deadline to file a tax return for the 2023 tax year.
Myrtle Lloyd, director general for customer services of HMRC, conveys: 'Time is running out for the millions still to file their Self-Assessment tax return by January 31st. Help and support is available for those who have not yet started their return.'
