Self-employed Brits are being warned time is running out to submit their tax returns, leaving them facing the prospect of a £100 fine. Online self-assessment must be completed by January 31 with those affected being urged to get their affairs in order.
Around 1.1 million adults missed the deadline last year and were hit with £100 fines for late returns. Anyone who still hasn’t completed their details after three months could then be fined a larger amount.
With the deadline fast approaching, self-employed workers have been urged not to leave it too late. Finance experts at money.co.uk 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.
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“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.
“You can complete your tax return online through the HMRC website. The system will guide you through various sections that apply to your situation.
“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.”