A financial expert is cautioning thousands of individuals about an impending deadline that necessitates action within weeks to avoid a £100 fine. The deadline for paper self-assessment tax returns is looming on October 31, requiring individuals to submit their forms to evade penalties. HMRC employs self-assessment to ascertain the tax liabilities of individuals with certain incomes, including the self-employed, based on their earnings. Many individuals opt for paper forms due to specific vulnerabilities or circumstances.
Alastair Douglas, CEO of TotallyMoney, a finance expert, has issued a warning urging people to take proactive steps and has shared available assistance options to support them through the process. Stressing the importance of not falling foul of the deadline, Douglas highlights that fines of £100 are enforced for late submissions up to three months. He emphasises that for those needing to complete sections such as foreign income and gains or trust and estate pages, a paper form is obligatory as these sections are not available online.
Douglas notes that for individuals with vulnerabilities or special conditions like dyslexia, autism, sensory disabilities, stress, or depression, physical forms may be more manageable. He advises individuals in such situations to contact HMRC’s extra support team for guidance. This support team is specially trained to assist through video appointments or phone calls, necessitating individuals to indicate their circumstances when reaching out to the HMRC helpline or webchat.
In instances where individuals require additional assistance, Douglas suggests designating a trusted person to communicate with HMRC on their behalf. This representative need not be a tax or accounting professional but could be a reliable friend or family member. Forms are readily available for this purpose, and individuals are encouraged not to hesitate in seeking help when needed. As the October 31 deadline looms, it is vital for individuals to be aware of their obligations and take timely action to avoid penalties.