HMRC Releases Urgent 100-Day Warning Ahead of Deadline
With less than 100 days left until a crucial deadline, HMRC has issued a timely reminder to self-assessment customers. Under the current Labour Party government, HMRC cautions individuals about the looming deadline for self-assessment. Myrtle Lloyd, the Director General for Customer Services at HMRC, highlighted the significance of the approaching deadline, stating, “The countdown to the Self Assessment deadline has begun, but there is still time to thoroughly prepare and file an accurate tax return by January 31.” Taxpayers are encouraged to seek assistance by accessing online support to aid in filing their returns. By searching for ‘help with Self Assessment’ on GOV.UK, individuals can find more information and guidance.
The deadlines for the 2023 to 2024 tax year are set for October 31, 2024, for paper returns and January 31, 2025, for online submissions. It is noted that over 97% of Self Assessment returns are now filed online. To assist taxpayers in navigating the process, the HMRC app offers vital information on various aspects, such as registering for Self Assessment, obtaining a Unique Taxpayer Reference, retrieving National Insurance numbers, understanding employment income and history, as well as details on settling the tax bill. Customers unsure about their obligation to file a tax return should verify their status on GOV.UK to determine if they need to submit a Self Assessment tax return.
For those new to Self Assessment, registration to receive a Unique Taxpayer Reference is essential before submitting a tax return for the 2023 to 2024 tax year. Taxpayers are mandated to submit a tax return if, during the last tax year (6 April to 5 April), they were self-employed as a ‘sole trader’ and earned more than £1,000 (before allowable tax relief), were a partner in a business partnership, had a total taxable income surpassing £150,000, needed to pay Capital Gains Tax from a sale or disposal of assets that appreciated in value, or were subject to the High Income Child Benefit Charge.
In conclusion, with the deadline fast approaching, HMRC’s warning serves as a crucial reminder for self-assessment customers to prepare and submit their tax returns promptly to avoid any penalties. Taxpayers are encouraged to utilise the resources available on GOV.UK and the HMRC app for guidance and support in fulfilling their tax obligations. Let’s ensure a smooth and timely submission process to meet the January 31 deadline.