The deadline for submitting a Self-Assessment tax return is looming – midnight on January 31st, 2025. Last year, it was reported that a staggering 1.1 million people missed the deadline for the previous tax year.
Failure to meet the deadline could lead to an initial fixed penalty of £100, along with any additional charges and interest. If you’re among the 12 million individuals in the UK who need to submit a Self Assessment tax return, it’s crucial to be aware of the upcoming deadline.
Are you uncertain if the Self Assessment tax return applies to you – or maybe suspect you might be included but don’t know where to begin?
READ MORE: Investigations after horror plane crash at UK airport cancels Manchester flights
READ MORE: ‘He asked me if he was going to die – in my head I thought yes, in my heart I said no’
Joe Lytwyn, a personal finance expert at VivaMoney.co.uk, provides guidance on who needs to complete a self-assessment tax return, how to do it, and when to submit yours to avoid a £100 penalty.
What exactly is a Self Assessment tax return?
Joe says: “Self Assessment is an Income Tax collection system used by HM Revenue and Customs (HMRC),’ Joe explains. ‘While applicable tax is usually deducted directly from employees’ wages and pensions automatically, a Self Assessment return must be completed by anyone who is self-employed or in receipt of other income, whether as a business or an individual. The return enables HMRC to calculate the amount of tax you owe.”
Join our WhatsApp Top Stories and, Breaking News group by clicking this link
Who is required to complete a Self Assessment tax return?
Joe says: “You’ll need to submit a Self Assessment tax return if, between April 6, 2023, and April 5, 2024, you…”
-
Had a total taxable income of over £150,000;
-
Were required to pay the High Income Child Benefit Charge;
-
Were self-employed as a sole trader, earning more than £1,000 before tax relief;
-
Were a partner in a business partnership; and/or
-
Paid Capital Gains Tax after selling something with an increased value.
Adding: “In addition to this, there’s also a chance that you might need to submit a return if you received certain types of untaxed income, such as tips, commission, and money from renting out a property.
“If you’re still unsure as to whether you need to submit a return, you can use this handy tool on the Gov.uk website to help you.”
Where can I find a Self Assessment tax return form?
Joe says: “You’ll need to sign in to your Government Gateway account and supply your Unique Taxpayer Reference (UTR) number in order to file your tax return online. If you haven’t previously registered, you can create a new account. It’s worth noting that you don’t need to complete the whole form in one sitting; you can save it, log back in, and finish it off at a later date if you need to but just remember to set yourself a reminder ahead of the deadline. it, log back in, and finish it off at a later date if you need to, but just remember to set yourself a reminder ahead of the deadline.
“The deadline for submitting paper copies has now passed,’ Joe says. ‘But for future reference, you can find the SA100 tax return form here.”
When is the deadline to send my submission?
Joe says: “The deadline for submitting a paper copy of your Self Assessment tax return was October 31, 2024. Those wishing to submit online have until January 31, 2025.”
Adding: “According to Gov.uk, 97% of Self Assessment returns are filed online, so remembering the later deadline will be of great importance to many.”
What happens if I miss the Self Assessment tax return deadline?
Joe says: “Anyone who submits their tax return up to three months after the deadline will be charged a £100 late filing penalty. If your return is filed more than three months late, or you delay paying your tax bill, you will be charged more. Interest will also be charged on late repayments. You can estimate your penalty here.
“If you have a reasonable excuse for submitting your Self Assessment late – for example, you were unexpectedly in hospital or suffered a serious illness – you may be able to appeal against a penalty.”