UK workers must submit their Self-Assessment tax returns by January 31, 2025, to avoid a £100 penalty
London: The clock is ticking for those who need to file their Self-Assessment tax returns. The deadline is midnight on January 31, 2025. Last year, over a million people missed it, which is a big deal.
If you don’t file on time, you’ll face a £100 fine right off the bat, plus more charges if you keep delaying. If you’re one of the 12 million in the UK who needs to file, now’s the time to get your act together.
Not sure if you need to file? Or maybe you think you do but have no clue where to start? Don’t worry, you’re not alone.
Joe Lytwyn, a personal finance expert, has some solid advice on who needs to file and how to do it. Self-Assessment is how HMRC collects income tax from those who aren’t automatically taxed through their jobs.
So, if you’re self-employed or have other income, you’ll need to fill out this return. It helps HMRC figure out how much tax you owe.
Wondering if you need to file? If you made over £150,000, had to pay the High Income Child Benefit Charge, or earned more than £1,000 as a sole trader, you’re in the clear. Also, if you sold something and had to pay Capital Gains Tax, you’ll need to file.
And if you got tips, commission, or rental income, you might need to submit a return too. If you’re still unsure, check out the tool on the Gov.uk website.
To get your Self-Assessment form, log into your Government Gateway account and enter your Unique Taxpayer Reference number. You don’t have to finish it all at once; you can save it and come back later. Just set a reminder so you don’t forget!
Remember, the deadline for paper submissions was October 31, 2024, but online submissions are due by January 31, 2025. Most people file online, so keep that in mind.
If you miss the deadline, you’ll get a £100 penalty if you file up to three months late. If you’re even later, the fines get steeper. You can check your potential penalties online.
If you have a good reason for being late, like a hospital stay, you might be able to appeal the penalty. Just make sure to keep track of everything!
