HM Revenue & Customs (HMRC) is calling on taxpayers who have yet to submit their tax return to do so urgently.
With less than a week to go until the 31 January 2020 deadline, three million taxpayers have reportedly yet to complete Self Assessment for the tax year 2018 to 2019.
Taxpayers who file a late return will receive an automatic £100 fixed penalty fine, even if it was delayed by just one minute. The penalties rise significantly if a tax return is late by more than three months.
Who needs to complete a tax return?
You must send a tax return if, in the 2018/19 tax year, you were:
self-employed as a ‘sole trader’ and earned more than £1,000
a partner in a business partnership
You pay the High Income Child Benefit Charge
You received more than £2,500 in other untaxed income, such as money from renting a property, tips and commission, income from savings, investments and dividends or foreign income
An employee claiming expenses in excess of £2,500
Have an annual income over £100,000
Commenting on the deadline, 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 31 January, HMRC strongly encourages people to file their Self Assessment.
“Anyone who believes they might not be able to file on time should make sure to call or email HMRC.”
A spokesperson added that “anyone worried that they will not be able to complete their tax return by the deadline should contact HMRC as soon as possible”.
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