Millions of Brits risk a £100 fine from HMRC if they fail to submit their self-assessment tax returns by the January 31st deadline. With 5.4 million people yet to file, the tax authority warns those selling items online, earning from investments, or receiving tips and commission to double-check their tax obligations. The deadline applies to anyone earning over £1,000 from untaxed or additional income sources.
Millions of Brits could be getting a less-than-welcome Valentine’s gift from HMRC in the form of £100 fines in February if they miss the January 31 tax deadline for self-assessment tax returns. After thousands spent their new year’s day filling out their returns and paying their bill, new HMRC states estimate 5.4 million people are still to submit.
Essentially, this deadline is applicable to anyone who has earned an income above a £1,000 that was not taxed or came from outside of their usual taxed income. However, there are some exceptions, according to MSE, these are the main groups that will need to file their tax return before the deadline: People have until 11:59pm on January 31, 2025 to submit their return and make payments towards their tax bills for the 2023/2024 tax year. After this they could face a fine of £100, which also has interest charges of 7.25%. After three months this increases with a daily additional penalty of £10 up to a £900 maximum.
Experts at Money.co.uk explained that to start a self-assessment tax return, you need to register with HMRC if you haven’t already, which can take up to 10 working days to complete. Then you’ll need to gather documents relevant to why you need to submit a self-assessment return such as your P60 or P45, bank statements, rental income records and information on your dividends or capital.
TAX HMRC DEADLINE FINES RETURNS SELF-ASSESSMENT
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