Taxpayers who’ve but to file their self-assessment return for the 2024-25 tax 12 months face an preliminary £100 fantastic after the January 31 deadline
Time is working out (Picture: Andrzej Rostek through Getty Pictures)
Taxpayers who have not but submitted their self-assessment return for the earlier tax 12 months are being warned they may incur an preliminary £100 penalty after Saturday night time. This 12 months’s cut-off level is the shut of the day tomorrow, January 31.
In a put up on X on Thursday, HMRC reminded people {that a} tax return is required if they’ve generated greater than £1,000 from a aspect enterprise, are self-employed, let loose a property or interact with cryptoassets. It pertains to the 2024-25 tax 12 months.
Final week, Myrtle Lloyd, HMRC’s chief buyer officer, suggested: “Do not go away it till deadline day. Submitting now gives you peace of thoughts that your tax return is accomplished and if in case you have tax to pay, you’ve gotten every week to rearrange fee. Should you’re fearful about paying your tax invoice, you could possibly arrange a fee plan on-line – search ‘difficulties paying HMRC’ on gov.uk.”
HMRC reminded individuals earlier this week (Picture: Peter Dazeley through Getty Pictures)
This 12 months’s closing date lands on a Saturday. HMRC’s phone strains function Monday to Friday between 8am and 6pm.
Phone providers will shut on Friday, January 30, and resume on Monday, February 2 – following the deadline. HMRC confirmed it should present webchat help on Saturday, January 31, through its on-line providers helpdesk.
Alastair Douglas from Completely Cash warned: “Time is rapidly working out for anyone who nonetheless must file their self-assessment return, and if you do not get it in, or pay your invoice earlier than midnight on Saturday, the taxman will penalise you. For late submitting, you will obtain an preliminary £100 penalty, and after three months, you will be charged an additional £10 day by day. For late fee, you will be charged 5% of the unpaid tax after 30 days, six months and once more after a 12 months – and you will be charged curiosity on what’s owed.”
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He added: “If you cannot afford to pay the complete quantity, then contact HMRC to arrange a fee plan. All you will want is your Distinctive Tax Reference quantity, financial institution particulars to arrange a Direct Debit, and particulars of your earnings and bills. This may be performed on-line, or over the telephone on 0300 200 3822 – however do not forget that their telephone strains are solely open on weekdays between 8am and 6pm.”
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