UK Taxpayers Face October Deadlines or £1,600 Penalties
Taxpayers in the UK face significant penalties for late self-assessment returns, with thousands at risk due to two crucial deadlines in October. Penalties increase rapidly, starting at £100 and capping at £1,600, while daily charges of £10 apply after three months, capped at £900.
Missing the 5 October self-assessment registration deadline for first-time filers or the 31 October paper return deadline can trigger penalties. Even filing online after October does not protect taxpayers from initial penalties, as these are calculated from the first return's due date.
Failing to file a return can lead to HMRC issuing an estimated tax bill and pursuing court action. Penalties increase rapidly, with daily charges of £10 after three months, capped at £900, and additional fines for delays beyond six months. Appeals are possible but require submitting the outstanding return and providing a reasonable excuse for the entire late period.
In Germany, individuals with multiple income sources, self-employed persons, or those with income exceeding the basic allowance must file a tax declaration. Pensioners also need to file if their taxable income exceeds €12,096 (single) or €24,192 (married) per year.
Thousands of taxpayers risk facing HMRC fines due to the two crucial deadlines in October. Penalties for late self-assessment returns can escalate quickly, with potential daily charges and additional fines for serious delays. Taxpayers are advised to ensure they meet the registration and return deadlines to avoid these penalties.
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