Wednesday 31 July might not appear to be a noteworthy date, but for people and businesses with tax obligations, itβs an important one. HM Revenue and Customs sets strict deadlines, and missing them can lead to significant penalties and interest charges, so it's imperative to stay on top things.
βFor those receiving tax credits, this date is also the cutoff for renewing your claim. Missing this deadline can lead to your payments being stopped.β Potential fine: If you fail to renew, not only could your credits stop, but you might also have to repay what you received since the start of the tax year. βIf you sold property during the previous tax year and have capital gains tax to pay, you might need to settle your bill by this date, depending on when the sale was completed.