HMRC warning for 335,000 Brits who could face £100 fine if they miss looming deadline

The deadline for submitting paper self-assessment tax returns is looming, with 335,000 Brits warned they must file their taxes before October 31 - or face a fine

A crucial alert has been sent to 335,000 individuals regarding an impending HMRC deadline this month. The cut-off date for submitting paper self-assessment tax returns is October 31, and Totally Money has highlighted that approximately 335,000 people should take note of this important date.

Self-assessment taxpayers are required to inform HMRC about their earnings and the tax due for the year. This year's deadline pertains to the 2023/24 tax period.

For those who opt to pay taxes online, the final date to submit your tax return and settle any tax owed is January 31. However, for paper submissions, the deadline arrives sooner.

Alastair Douglas, CEO of TotallyMoney, emphasised the importance for the 335,000 paper filers to meet the October deadline to avoid a £100 penalty for late submissions up to three months, reports the Mirror.

He stated: "For many, submitting tax returns online by January 31, 2025, will not only be the easier option but the one that buys the most time. However, more than 300,000 people are quickly headed toward this month's October 31 paper tax return deadline."

"With fines of £100 in place for late submissions of up to three months, it's important not to get caught out. And if you need to fill in the foreign income and gains, or the trust and estate pages, you'll be required to do it with a paper form as they're not available to complete online."

If you miss the self-assessment tax return deadline, you could face additional charges, which increase if the submission is over three months late, plus interest for late payment of your tax bill. With the rise in side hustles recently, more individuals may need to register for self-assessment.

If you're concerned about missing the deadline, especially due to mental health or other medical reasons, HMRC offers assistance.

Alastair noted: "For some with vulnerabilities or in special circumstances, physical forms might also be easier. This can include dyslexia, autism, sensory disabilities or other health issues such as stress and depression."

"If this includes you, then contact HMRC's extra support team for assistance. They're specially trained and can guide you through the process with a video appointment or phone call - you'll just need to mention your situation when contacting the HMRC helpline or webchat."

"You can also designate somebody to deal with HMRC on your behalf, and this doesn't just have to be a tax or accountancy professional or voluntary organisation, but can also be a close friend or family member who you trust. There are forms available so don't hesitate to get support if you need it."