HMRC urges millions of self-employed Britons to act ahead of tax deadline this month | Personal Finance | Finance

Anyone who shares a reasonable excuse with the tax body before the deadline can avoid a penalty after January 31.

For anyone who is late in filing their tax returns, an initial £100 fixed penalty is awarded, even if there is no tax to pay, or if the tax due is paid on time.

After a three-month period, there are additional daily penalties of £10 per day, up to a maximum amount of £900.

At the six month mark, a further penalty of five percent of the tax due or £300 is added to the amount owed, whichever is greater at the time.