TICK TOCK TWO WEEKS: HMRC urges taxpayers to meet looming Self- Assessment deadline
With the Self Assessment deadline looming, HM Revenue and Customs (HMRC) is urging millions of taxpayers to act swiftly to avoid penalties. The deadline for submitting tax returns and paying any tax owed for the 2023-24 tax year is 31 January. Those who fail to comply risk a £100 late filing fine, even if no tax is owed.
Over 7.4 million taxpayers have already filed their returns since 6 April 2024. However, many remain unfiled, and HMRC is emphasising the importance of timely action. For new Self Assessment filers, registration is the first step. Taxpayers can register via GOV.UK but should allow up to 10 working days to receive their Unique Taxpayer Reference (UTR). This identifier is essential for accessing HMRC Online Services or the HMRC app.
HMRC is offering extensive support to help taxpayers navigate the process. Resources on GOV.UK include detailed guides, webinars, helpsheets, and instructional videos on platforms like YouTube. These tools are designed to simplify the process for both new and experienced filers.
Taxpayers must file a Self Assessment return if they fall into specific categories. This includes those newly self-employed with gross earnings over £1,000 or those earning less who choose to pay Class 2 National Insurance Contributions voluntarily. Other situations include being a new business partner, receiving untaxed income exceeding £2,500, or earning over £50,000 while receiving Child Benefit payments.
For those people no longer required to file a return, HMRC advises they get in touch quickly via an online form to avoid unnecessary reminders or penalties. Taxpayers can pay any owed amounts securely through the HMRC app or choose from other payment options detailed on GOV.UK.
The tax authority also highlights the importance of compliance for those selling goods or providing services online. Taxpayers engaging in these activities can access information on GOV.UK to determine whether their earnings qualify as a trade, requiring a tax return.
As the deadline approaches, HMRC’s message is clear: take action now. Filing on time not only avoids penalties but also ensures financial and legal compliance.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said:
“The Self Assessment deadline is fast approaching, don’t leave completing your tax return to the last minute. There is plenty of support available to make filing as straightforward as possible, just search ‘help with Self Assessment’ on GOV.UK to find out more.”
