HMRC has issued a crucial 100-day notice this week to the self-employed, stressing the importance of the January 31, 2025, deadline for filing and paying their Self Assessment tax return. More than 3.5 million individuals have already submitted their returns, avoiding last-minute panic and potential mistakes, a staggering 12 million are yet to address their tax obligations for the 2023/24 tax year.
Those unsure about the filing process can find all the information they need online. Myrtle Lloyd, HMRC’s director general for customer services, said: “The countdown to the Self Assessment deadline has begun but there is still time to thoroughly prepare and file an accurate tax return by 31 January. You can access online help and support to help you file. Search ‘help with Self Assessment’ on GOV.UK to find out more.”
First-timers to Self Assessment need to obtain their Unique Taxpayer Reference to file for the 2023/24 tax year, and those who no longer need to file must inform HMRC immediately to avoid penalties.
The information on Gov.uk will clarify whether your activities qualify as trade, requiring the completion of a Self Assessment tax return.
HMRC has also issued a stern warning about criminals using emails, phone calls, and texts to steal information and money from taxpayers. They advise that before sharing personal or financial details, individuals should search ‘HMRC tax scams’ on GOV. UK to access a checklist that can help identify potential scams. The public is also urged never to share their HMRC login information with anyone, as it could be exploited to steal from them or claim benefits or refunds in their name.