HMRC warns 300,000 people are just '13 days' away from a penalty

HMRC, which is now operating under the Labour Party, is urging over 300,000 individuals to act swiftly as they only have two weeks left to avoid penalties.

Over 300,000 Britons 'just two weeks away' from receiving a shock tax penalty. The government tax department HMRC, which is now operating under the Labour Party, is urging over 300,000 individuals to act swiftly as they only have two weeks left to avoid penalties.

The deadline for individuals choosing to complete their self-assessment via post is midnight October 31, with those missing it facing a potential £100 fine. Paper copies of the self-assessment tax return must be submitted by midnight on October 31, 2024.

Dan Whittaker, a personal finance expert at VivaMoney.co.uk, explained: "Those who earn over a certain amount of money each year are required to pay tax. Tax is usually deducted from an individual's wage or pension automatically; however, those in receipt of other forms of income, including property and self-employment, will need to report their earnings to HM Revenue and Customs (HMRC) through a self-assessment tax return."

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He added: "You will need to submit a Self-Assessment tax return if, during the last tax year between April 6, 2023, and April 5, 2024, you were a partner in a business partnership; had an overall taxable income of more than £150,000; were classed as a self-employed sole trader and earned more than £1,000 before taking off anything you can claim tax relief on; or were required to pay the High Income Child Benefit Charge."

"If you're unsure whether any of the above apply to you, you can use this handy tool on the Gov.uk website to check whether you need to send a tax return. It's better to check, rather than miss the deadline and be hit with an unexpected penalty further down the line," he said. "You can file your tax return online, or call HM Revenue and Customs and ask for a paper version of the form, known as a SA100," Dan added.