One week left until self-assessment tax return deadline and 3million still need to file – The Sun
MORE than 3million people still need to file their self-assessment tax return with just one week to go until the deadline.
Around 8.5million people have already returned their forms, according to HMRC, but it's urging everyone else to do so now or risk being slapped with fines.
Those who file more than three months late will be hit with a £100 fee, followed by an additional £10 a day up to a maximum of 90 days (£900).
After six months, a further penalty of 5 per cent of the tax due or £300, whichever is greater, will be applied.
And if you still haven't filed your return after a year, you'll be hit with another 5 per cent or £300 charge, whichever is greater.
There are also additional penalties for paying your tax late too, of 5 per cent of the tax unpaid at 30 days, six months and 12 months.
HMRC says anyone worried they will not be able to complete their tax return by the deadline should contact it as soon as possible.
Jesse Norman, financial secretary to the Treasury, said: "The deadline is fast approaching for more than three million taxpayers who have not yet managed to file their tax returns.
"With only one week until January 31, HMRC strongly encourages people to file their self assessment."
How do you know if you need to submit a tax return?
Self-assessment is a system HMRC uses to collect income tax.
Tax is usually deducted automatically from wages, pensions and savings, but people and businesses with other incomes must report it in a tax return.
We've made a list of who it applies to below:
- Earned more than £2,500 from renting out property
- You or your partner received high income child benefits and either of you had an annual income of more than £50,000
- Received more than £2,500 in other untaxed income, for example from tips or commission
- Are self-employed sole traders
- Are limited company directors
- Are shareholders
- Are employees claiming expenses in excess of £2,500
- Have an annual income over £100,000
Before you can complete and submit your tax return, you'll need to have a so-called unique taxpayer reference (UTR) and activation code from HMRC.
This can take a while to receive, so if it's the first time you're completing self-assessment, make sure you register online immediately.
To sign in or register visit the "Self Assessment tax return" section of HMRC's website.
If you've already signed up for self-assessment, you can find your UTR on relevant letters and emails from HMRC.
When it comes to paying any tax, HMRC accepts your payment on the date you make it, not the date it reaches its account – including on weekends.
So if you want to pay by bank transfer you can do so up until the evening of January 31, but it's best to get it out the way in advance.
If you need to change your tax return after you've filed it, you can do so within 12 months of the original deadline or you can write to HMRC for any changes after that.
Filling in your tax return can seem daunting, but with our step-by-step guide you'll have it sorted in no time.
In December, HMRC revealed that over 3,000 people filed their tax returns on Christmas Day.
Last year, HMRC hit hundreds of taxpayers with £100 late fines despite filing on time.
While in February, a woman got a £1,316 HMRC tax fine refunded after The Sun stepped in.
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