1.1 million late filers are warned by HMRC of potential fines.

A severe warning has been sent by HM Revenue and Customs (HMRC) to the 1.1 million people who still haven’t filed their tax returns. If they don’t respond right away, individuals who missed the January 31 deadline may be subject to increasing fines as of May 1.

In addition to the initial £100 penalty, late filers will be fined £10 for each day their tax information is not filed. The total amount of fines might rise to £1000, which would put a heavy financial burden on taxpayers who are behind on their payments.

Nearly 1.1 million people missed the January deadline, according to HMRC figures, putting them at danger of paying large fines for filing after the deadline. Head of BDO’s tax dispute resolution Dawn Register stresses the significance of timely compliance and exhorts delayers to take immediate action to prevent needless fines.

HMRC provides a “Time to Pay” plan that enables people to spread out payments over a period of six months to a year in order to assist those who are finding it difficult to pay their tax obligations on time. Prolonged delays, however, can incur heavier fines; after six months, an extra £300, or five percent of the tax due, will be applied.

IFA Magazine, a trade finance newsletter, emphasizes the possible financial repercussions of extended noncompliance. For example, if a taxpayer has unpaid taxes of £600 to HMRC after a year, they may be subject to penalty of up to £1600.

To lessen the impact of increasing fines and guarantee compliance with tax responsibilities, late filers are advised to make use of the resources that are available to them and consider other forms of payment.