HMRC will soon begin issuing fines for all those who miss a key deadline (Image: Getty Images)
Taxpayers are being urged to take swift action and avoid a hefty £100 fine, as HM Revenue and Customs () reminds that the Self Assessment deadline is looming on January 31. Customers have been admonished not to procrastinate and instead file their tax returns promptly.
The imperative to act is based on official guidance for those who, in the last tax year running from April 6, 2023, to April 5, 2024, were either self-employed with earnings over £1,000 before tax, or partners in business partnerships. Other circumstances necessitating a return include having a total taxable income exceeding £150,000, owing Capital Gains Tax from the sale of appreciating assets, or being liable for the High Income Child Benefit Charge.
Individuals may also need to submit a self-assessment if they have certain types of untaxed income, such as foreign earnings, income from savings, dividends, investment profits, tips and commissions, or rental revenues. Myrtle Lloyd, ‘s Director General for Customer Services, has issued a stern reminder: “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.”
Her advice to those needing to file is to utilise online resources for assistance. She emphasised: “You can access online help and support to help you file. Search ‘help with Self Assessment’ on GOV.UK to find out more.”
It’s crucial to be aware of the £100 penalties that will be levied for any late submissions. An estimated 12 million people are required to submit their tax returns for the 2023 to 2024 tax year and settle any outstanding taxes by the deadline of 31 January 2025.
For those new to the Self Assessment process, it’s advised to register well in advance to secure your Unique Taxpayer Reference, which will enable you to file for the 2023 to 2024 tax year. You can register for a self-assessment on
Once officially registered, you can utilise your online account to submit a Self Assessment return. Simply log into with your Unique Taxpayer Reference (UTR) number and follow the on-screen instructions.
Comprehensive information regarding who needs to file a self-assessment and who doesn’t can be found