HMRC has also debunked five myths on who needs to complete the tax return.
HM Revenue and Customs is reminding anyone who earned money during the 2023 to 2024 financial year, who did not have tax deductions made automatically, that they only have until just before midnight on October 5 to register for Self Assessment.
Five Self Assessment myths debunked Myth 1: HMRC hasn’t been in touch, so I don’t need to file a tax return Once registered for Self Assessment, they will receive their Unique Taxpayer Reference, which they will need when completing their return and paying any tax that may be due. Customers will have to reactivate their account if they have registered for Self Assessment previously but did not send a tax return last year.Reality: False. Even if someone files their return today, the deadline for customers to pay any tax owed for the 2023 to 2024 tax year is January 31, 2025.
Latest Personal Finance News Myth 5: HMRC has launched a crackdown on people selling their possessions online and now I’ll have to file a Self Assessment return and pay tax on the items I sold after clearing out the attic HMRC urges customers to file their return early to provide peace of mind and to also allow time to consider opportunities to spread the cost of their tax bill, claim refunds earlier and avoid costly errors caused by rushing.
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