The deadline for online tax returns is January 31 (Image: Getty)
has warned taxpayers to file their self-assessment tax return or face an £100 fine.
The TV star’s website Money Saving Expert urged people to “do it now” with the deadline for online filing to for the 2023/2024 year coming up, on January 31.
Those affected must act soon as those who miss the deadlines face fines of at least £100 – plus 7.25% interest on any late tax payments.
As of Monday, January 6 over 5.4 million people were yet to file their tax return, according to the latest available figures from . Almost 25,000 celebrated the New Year by filing on January 1.
Most people’s are taken automatically from their wages, pensions or savings, and won’t need to file a tax return.
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Those who do not file could be fined at least £100 (Image: Getty)
But tax returns are due from individuals or businesses that haven’t had tax automatically deducted, or that have earned extra untaxed income.
You may need to submit a tax return if any of the following applied to you from April 2023 to April 2024:
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You were self-employed with an income of more than £1,000. If you earned £1,000 or less, you may still need to do a self-assessment
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You earned more than £150,000 in taxable income. This threshold was £100,000 for the 2022/23 tax year but it’s been increased.
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You claimed Child Benefit when you or your partner earned more than £50,000 a year. This is known as the high income Child Benefit charge.
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You earned £10,000 or more before tax from savings interest, investments, shares or dividends. Between April 2022 and April 2024, the Bank of England base rate rose from 0.75% to 5.25%.
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You earned money from renting out property or from other untaxed income, such as tips or commission.
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You earned income from abroad.
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You need to pay Capital Gains Tax.
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You received income from a trust.
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Those who sell on Vinted, Etsy and eBay, as well as those who rent our their home on Airbnb may also need to file tax returns, with the platforms sharing sales information in .
As a general rule of thumb, if you earn less than £1,000 from selling goods or services online, you probably don’t need to register for self-assessment or pay any tax.
If you cant afford to pay your bill, contact as soon as possible to avoid late payment penalties by arranging to spread payments over time.