HMRC: More than a million miss tax return deadline
Published On Feb 3, 2025, 7:08 AM
Over 1.1 million individuals missed the deadline for filing their annual tax returns in the UK, which has resulted in automatic penalties. The initial penalty is £100, and additional fines may accumulate after three and six months. The HMRC encourages late filers to submit their returns as soon as possible to avoid further penalties. Recent IT issues at Barclays may have contributed to some missed deadlines, but most taxpayers will not face immediate penalties for late payment since taxes owed are not due until March. New rules require online platforms to report sales data, enhancing tax compliance audits.
Stock Forecasts
SPY
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The missed tax filings indicate financial distress among consumers, which could negatively impact consumer spending and businesses reliant on consumer income. This situation may lead to increased volatility in industries tied to discretionary spending.
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