With only just over two weeks left until the Self Assessment tax return deadline, many taxpayers will have already filed their return online and paid any tax due, or be in the process of doing so. HMRC, however, have announced that are still waiting for 4.4 million tax returns which are due to be filed this month.
More than 12 million people need to file a tax return for the 2023-24 tax year and must complete this by the 31 January 2025 deadline. HMRC confirmed that thousands took the opportunity of the Christmas break to ensure their tax affairs were in order, with 40,072 filing their return over the festive period – 4,409 completed their return on Christmas Day.
For those that are due to file a return and have not, please be aware penalties will be due if the return is not filed by 31 January and penalties start at £100. Late payment interest will be charged from 31 January on any outstanding liabilities and in addition surcharges come into play from early March if the tax due for the 2024 tax year has still not been paid.
If you are unable to pay your tax by 31 January, do get in contact with HMRC to see if you can arrange a payment plan.
Online sellers
Online selling platforms (such as eBay and Airbnb) are required to collect and report seller information from this month – enabling HMRC to correlate data more easily from online sales with tax returns and identify cases where returns have not been made.
For anyone that regularly sells goods or provides a service through an online platform, you need to decide if your activity should be treated as a trade, incurring the need for a Self Assessment tax return. Find out more information on selling goods online, paying tax and registering for Self Assessment.
How M+A Partners can help
Our team of tax experts can prepare your Self Assessment tax return, optimise available reliefs and manage any enquiries from HMRC should they arise.
We can also assist in looking at your payments on account on request, to determine if your payments on account can be reduced for the next year.
Get in touch with me using the details below to find out how we can assist with your tax return obligations, providing expert advice that is tailored to your unique circumstances.
