Britons are being urged to avoid missing an important HM Revenue and Customs (HMRC) deadline to avoid being slapped with a £300 tax fine.
October 5 is the deadline for Self Assessment registration which is used to declare an individual’s income and capital gains for the tax year.
Anyone who has earned income from being self-employed during the 2023/24 tax year has to register with HMRC by Saturday.
Those who fail to complete this task could be hit with financial penalties, experts warn.
Taxpayers pay a late filing penalty of £100 if their tax return is up to three months late.
Following this, there is a daily £10 charge once the return is three months late for a maximum of 90 days.
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The Self Assessment deadline is days away
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Charges applied could be higher than £300 or five per cent of the tax due if forms are six months late.
An additional £300 or five per cent of the tax due, whichever is higher, if reforms are a year late past the deadline.
On the Government website, there is a tool which can help people estimate the find they could be hit with.
It should be noted that late submission penalties are different for VAT.
Here is a full list of the individuals who have to file a Self-Assessment deadline by October 5:
- Anyone has become self-employed and earns a gross income of more than £1,000
- Those earning below £1,000 who wish to pay Class 2 National Insurance Contributions
- Britons who are a new partner in a business partnership
- Individuals who have received untaxed income over £2,500
- Those who get Child Benefit payments and need to pay the High Income Charge.
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Britons are at risk losing hundreds of pounds if they miss the deadline
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Alastair Douglas, the CEO of TotallyMoney, shared: “While you might think it only applies to work you’ve been paid for, it also includes other income.
“This might include money earned from savings and investments, rental income, and if you’ve made more than £1,000 from selling or reselling items on places like eBay, Depop and Vinted. So check online to find out if you need a tax return.
“This means getting everything ready for the October 31 deadline if you’re submitting a paper return, or by midnight on January 31 if you’re submitting your return online.
“But if possible, you shouldn’t leave things to the last minute. That’s because with more than 12 million people filing for self-assessment, Government helplines are likely to jam, making it difficult to get through to advisers, and potentially scuppering your chances of meeting the deadlines.”