Millions of taxpayers in the United Kingdom are still exposed to a fine of 100 pounds if they fail to submit self -evaluation tax declarations by midnight tonight, according to HM Revenue & Customs (HMRC).
This warning comes as more than three million people have yet to provide their returns for the tax year 2023-24, which prompted HMRC to advise the last minute notes to connect to the Internet to obtain assistance and use the HMRC application to pay any due balance as soon as their returns are completed.
In a major shift this year, platforms like EBay and Vinted data with HMRC should share sellers who meet specific thresholds – selling 30 or more elements or earn at least 1700 pounds. This information will be matched with individual tax declarations, although HMRC confirms that there are no new tax fees for people who sometimes sell personal things.
HMRC said: “We cannot be more clear – if you are not trading and sometimes selling unwanted items online, there is no due tax,” HMRC said.
Anyone who lacks the deadline to provide midnight will bear an immediate penalty of 100 pounds, even if they do not have a payment tax. After three months, the daily fines of 10 pounds per day (a maximum of 900 pounds) apply, with more penalties after six and twelve months, in addition to an additional benefit on any late amount.
About 8.6 million people have already provided self -evaluation returns, which include profits from small companies, independent businesses, and additional income currents. However, the Penidictta Egyim Financial Peniano accounts warns that individuals who earn more than 1,000 pounds through side companies-such as reselling customized services via the Internet or providing customized services-for self-evaluation.
Although the new reports requirements do not create new tax fees, it aims to ensure that those who trade or provide services for profit originally report their profits properly. HMRC recommends that potential sellers at risk include purchasing goods for resale, manufacturing elements for sale, providing delivery driver services, or giving up real estate for holidays.
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