HM Revenue and Customs customers only have two weeks left to take action or risk being fined at least £100.
The Self-Assessment deadline is set to hit on January 31, taxpayers being advised to not leave it until the last moment and file their tax returns as soon as possible. Official guidance states that people must send a tax return if, in the previous tax year spanning from April 6, 2023 to April 5, 2024, they were self-employed and earned more than £1,000 before tax.
You must also send in a tax return if you were a partner in a business partnership, had a total taxable income of more than £150,000, had to pay Capital Gains Tax when you sold or ‘disposed of’ an item that increased in value, or had to pay the High Income Child Benefit Charge.
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A number of untaxed incomes may also compel you to fill in a self-assessment. According to HMRC, this can include:
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Foreign income
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Income from savings, dividends, and investments
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Tips and commissions
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Money from renting out a property
Myrtle Lloyd, HMRC’s Director General for Customer Services, previously issued a clear warning for those who may need to issue a return. She said: “The countdown to the Self Assessment deadline has begun but there is still time to thoroughly prepare and file an accurate tax return by 31 January.
“You can access online help and support to help you file. Search ‘help with Self Assessment’ on GOV.UK to find out more.”
It’s important to note the £100 penalties that will be imposed for any delayed submissions. An estimated 12 million individuals must complete their tax returns for the 2023 to 2024 tax year and pay any taxes due by the 31 January 2025 cut-off point.
How to issue a self-assessment to HMRC
First-time entrants into the Self Assessment process should register in good time to obtain their Unique Taxpayer Reference, allowing them to file for the 2023 to 2024 tax year . You can register for a self-assessment on GOV.UK here.
Once you are officially registered, you can then use your online account to send in a Self Assessment return. To do this, all you need to do is log into GOV.UK with your Unique Taxpayer Reference (UTR) number and then follow the steps on-screen.
Full details around who and who doesn’t need to file a self-assessment can be found here.