HMRC warning as Brits risk £100 fine if they miss one deadline on January 31

More than three million Brits are urged to do one important thing before January 31. Her Majesty's Revenue and Customs office (HMRC) issued the critical alert just last week, stating that anyone who misses this deadline will risk a £100 fine.

Such a deadline specifically concerns people required to file a tax return for 2023 to 2024. While more than 8.6 million relevant Brits have already done so, it's thought that approximately 34% have not.

On Thursday, Myrtle Lloyd, HMRC’s Director General for Customer Services, explained: "Time is running out for the millions still to file their Self Assessment tax return by 31 January. Help and support is available for those who have not yet started their return."

Generally, tax is deducted from company wages and pensions using an automatic system known as PAYE. However, if you receive money from outside sources, you'll need to submit a tax return to HMRC every tax year.

As per the Government's website, this applies in the following cases:

Individuals who received money from tips and commission, investments, property rentals and foreign income may be required to complete a tax return too. Myrtle Lloyd recommends visiting the Government's website which outlines various different methods to do this.

Weekly, monthly or one-off payments through online or telephone services are encompassed in this, in addition to cheques sent by post. If you miss the deadline or fail to send a tax return within three months, you may face a penalty of £100.

After three months, additional penalties of £10 per day will be added up to a maximum of £900. Beyond this, the fine will only increase further and interest will be added.

HMRC's advice adds: "There are also additional penalties for paying late of 5%