New details from HMRC suggest that in addition to the 10.7 million people who submitted an online self assessment tax return on time, as many as 750,000 are still overdue and now run the risk of a potential £100 fine for late filing.
Each year, as the deadline draws closer, it’s inevitable that activity will increase, with almost 30,000 people submitting returns online in the final hour of January 31.
An HMRC spokesperson said that not all of those who failed to pay would pay a penalty which is good news. There is some flexibility for those with reasonable excuses to avoid a fine, such as attending hospital, provided they get the return in as soon as they can. HMRC express that they really don’t want to issue penalties, they just want completed tax returns.
Finance your tax bill with ease – or refinance tax already paid
Despite the deadline passing, there are still options available to assist you in covering the cost of your outstanding tax bill.
In fact, a short-term loan from White Oak UK can also help you to spread the cost of tax already paid by refinancing this liability over up to 12-month term, helping you to boost your cash flow and avoid the need to pay this significant outlay all in one go.
We’ve been supporting business customers to spread the cost of essential expenditure like tax for over 30 years, helping over 9,000 businesses finance their tax bill with over £540m.
We’ve removed the red tape from our business, to make it faster and more convenient to get a loan. But don't just take our word for it, see what our customers have to say on our Feefo reviews page.
Contact us on 0330 058 0836 to discuss your requirements or apply today.