If you have not completed your self -evaluation tax declaration or paid any tax due, you only have two days left until the deadline. And if you don’t act, face a fine of £ 100.
The work on their own and any person with income not exceeded above £ 1,000 must submit its declaration of online self -evaluation taxes for the fiscal year that ends on April 5, 2024, at 11.59 pm of January 31.
You will also have to present one if you claim the benefit of the children if you or your association won more than 50,000, and if you won more than £ 150,000 in taxable income.
HMRC said that 3.4 million taxpayers had not yet submitted their tax declaration 2023/24 with a week for the deadline.
Tax deadline: millions of taxpayers must still submit their tax declaration before January 31
More people who never have to complete a self -assessment tax declaration, since frozen thresholds bring more interests to save people, income from dividends and tax capital gains.
If your savings interests exceed your personal savings allocation, which depends on your tax band, then you will have to pay your tax rate on the previous sum, for example.
More people paid through Paye can also have to submit a tax declaration because their total taxable income has exceeded the threshold of £ 150,000 in which all income must submit a tax declaration.
The Tax Office has increased its warnings to the growing number of people who need to submit a tax declaration this month.
Taxpayers will have to pay an initial fine of £ 100, and if it is not yet paid after three months, they will face additional sanctions from £ 10 per day, up to a maximum of £ 900.
After six months, an additional 5 percent will be added to the amount owed or £ 300, which is greater. And after 12 months, another 5 percent or £ 300.
If you have not submitted a tax statement before and should do so this year, you would have needed to register for self -evaluation last October. If you have not done, you could receive a fine of ‘not notifying’, which will be a percentage of the tax that must.
If you submitted a tax declaration in the last financial year, but you no longer need, you must tell HMRC before the deadline.
If I expected to complete a paper tax declaration, the deadline of October 31, 2024 has been lost.
You must also make your first payment on account for 2024/25 before January 31 or the face paying a backward payment charge of 7.25 percent of the amount owed, which will accumulate daily.
If you cannot pay the defeated tax, you must communicate with HMRC as soon as possible and try to organize a payment plan.
> Who needs to submit a self -evaluation tax declaration?
Be careful with HMRC scams before the deadline
Taxpayers who have not yet completed their tax declaration must also be aware of the scammers who use false HMRC emails and telephone calls in the execution until January 31.
Adrianus Warmenhoven, an expert in cybersecurity in Nordvpn, says: ‘Be especially cautious with telephone calls, emails or unsolicited text messages that claim to be HMRC.
‘Remember that you will never communicate with you by phone, email or text message to demand immediate payment, request confidential information or provide a refund link.
‘Any correspondence that urges immediate action or promising to quickly solve fiscal problems should generate immediately suspicion.
‘Cybercriminals frequently use phishing emails, false websites and fraudulent telephone numbers to deceive people to reveal confidential details.
“Communications with poor grammar, generic greetings that do not use their name, or unusual formato are clear red flags.”
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