Around 1.1 million people missed the deadline for tax returns last year, leading to £100 fines – HMRC advises that you must register with them for self-assessment if you are self-employed
Self-employed Brits are being given a stark warning that time is running out to submit their tax returns, with the threat of a £100 fine looming. The deadline for online self-assessment is January 31, and those affected are being strongly advised to get their affairs in order.
Last year, around 1.1 million adults missed the deadline and were slapped with £100 fines for late returns. Those who still haven’t completed their details after three months could face an even larger fine.
As the deadline rapidly approaches, self-employed workers are being urged not to leave it until the last minute. Finance gurus at money.co.uk have said: “You must register with HMRC for self-assessment if you haven’t already. This is necessary if you are self-employed or make money from other sources like renting a property. You can do this online.”
They added: “Gather all the required documents before you start filling in your tax return.
This includes your P60 or P45 if you’re employed, details of any self-employed income, bank statements for interest on savings, records of any rental income, and information on dividends or capital gains, if applicable.”
They concluded: “You can complete your tax return online through the HMRC website. The system will guide you through various sections that apply to your situation.”, reports Birmingham Live.
“Be accurate and honest with the information you provide. If you’re self-employed, you must provide income and expenses details. The online system will calculate the tax you owe based on your provided information.”
“Ensure you review this carefully. Once you have completed the tax return and are happy that all the information is correct, you can submit it online to HMRC.”
“Once you have completed your self-assessment tax return, HMRC will send you a tax bill (also known as a ‘Self Assessment Statement’). This bill can be accessed through your HMRC online account.”
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