The deadline for paper tax returns is looming and anyone who fails to meet it will have to pay a fine
HMRC has issued a stark warning that over 300,000 individuals have mere weeks left to avoid a tax penalty. The deadline for self-assessment tax returns is fast approaching and those who opt for paper submissions have less than two weeks to submit this crucial document or face a hefty fine.
Self-assessment tax returns are obligatory for anyone with income from a second property, self-employed individuals earning £1,000 gross income or more, business partners, eBay or online sellers making £1,000 gross income , or anyone earning £150,000 or more in a single tax year. A return must also be submitted if you have untaxed income such as a pension income of £2,500 or more or income from savings, investments and dividends, reports The Express.
Those subject to the High Income Child Benefit charge are also required to file a return. While many people now choose to complete their self-assessment online, which carries a January 31 deadline, some cannot - reporting foreign income and gains or trust and estate information are both not available online.Fines can reach up to £100 for late submissions and interest will be charged on top.
Additionally, being unaware of or misunderstanding your legal obligation could also be considered a reasonable excuse.
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