The deadline for submitting a Self-Assessment tax return is fast approaching - midnight on January 31st, 2025.
In February 2024, it was revealed that a massive 1.1 million people missed the deadline for the previous tax year. Missing the deadline could result in having to pay an initial fixed penalty of £100, plus any further additional charges and interest.
If you’re one of the 12 million people in the UK required to submit a Self Assessment tax return, you may wish to make a note of the upcoming deadline.
In February 2024, it was revealed that a massive 1.1 million people missed the deadline for the previous tax year. Missing the deadline could result in having to pay an initial fixed penalty of £100, plus any further additional charges and interest.
If you’re one of the 12 million people in the UK required to submit a Self Assessment tax return, you may wish to make a note of the upcoming deadline.
Unsure whether the Self Assessment tax return applies to you?
Do you think you might be included, but are unsure where to start?
Do you think you might be included, but are unsure where to start?
Joe Lytwyn, a personal finance expert at VivaMoney.co.uk, explains who needs to complete a self-assessment tax return, how to do it, and when to submit yours to avoid a £100 fine.
What is a Self Assessment tax return?
‘Self Assessment is an Income Tax collection system used by HM Revenue and Customs (HMRC),’ Joe explains. ‘While applicable tax is usually deducted directly from employees’ wages and pensions automatically, a Self Assessment return must be completed by anyone who is self-employed or in receipt of other income, whether as a business or an individual. The return enables HMRC to calculate the amount of tax you owe.’
Who needs to complete a Self Assessment tax return?
‘You’ll need to submit a Self Assessment tax return if, between April 6, 2023, and April 5, 2024, you:
- Had a total taxable income of over £150,000;
- Were required to pay the High Income Child Benefit Charge;
- Were self-employed as a sole trader, earning more than £1,000 before tax relief;
- Were a partner in a business partnership; and/or
- Paid Capital Gains Tax after selling something with an increased value.
‘In addition to this, there’s also a chance that you might need to submit a return if you received certain types of untaxed income, such as tips, commission, and money from renting out a property.’
Joe adds, ‘If you’re still unsure as to whether you need to submit a return, you can use this handy tool on the Gov.uk website to help you.’
Joe adds, ‘If you’re still unsure as to whether you need to submit a return, you can use this handy tool on the Gov.uk website to help you.’
Where can I find a Self Assessment tax return form?
‘You’ll need to sign in to your Government Gateway account and supply your Unique Taxpayer Reference (UTR) number in order to file your tax return online. If you haven’t previously registered, you can create a new account. It’s worth noting that you don’t need to complete the whole form in one sitting; you can save it, log back in, and finish it off at a later date if you need to but just remember to set yourself a reminder ahead of the deadline. it, log back in, and finish it off at a later date if you need to, but just remember to set yourself a reminder ahead of the deadline.
‘The deadline for submitting paper copies has now passed,’ Joe says. ‘But for future reference, you can find the SA100 tax return form here.’
When is the deadline to send my submission?
‘The deadline for submitting a paper copy of your Self Assessment tax return was October 31, 2024. Those wishing to submit online have until January 31, 2025.’
Joe warns, ‘According to Gov.uk, 97% of Self Assessment returns are filed online, so remembering the later deadline will be of great importance to many.’
What happens if I miss the Self Assessment tax return deadline?
‘Anyone who submits their tax return up to three months after the deadline will be charged a £100 late filing penalty. If your return is filed more than three months late, or you delay paying your tax bill, you will be charged more. Interest will also be charged on late repayments. You can estimate your penalty here.
‘If you have a reasonable excuse for submitting your Self Assessment late - for example, you were unexpectedly in hospital or suffered a serious illness - you may be able to appeal against a penalty.’
Viva Money has shared information about the upcoming Self Assessment tax return deadline.
-ENDS-
About Viva Money
Viva Money is not a lender but is a fully regulated and authorised credit broker. Viva Money is a registered Trading Name of Digitonomy Limited, Registered in England and Wales (Company number 08385135), Registered Office; Steam Mill Business Centre, Steam Mill Street, Chester, Cheshire, CH3 5AN. Digitonomy Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 690249. Licenced by the Information Commissioners Office, (registration number ZA007309)
Website: https://vivamoney.co.uk/
Joe Lytwyn - Personal Finance Expert at Viva Money
Joe is Viva Money’s Senior Partnerships Manager and has over 7 and a half years’ experience in the financial industry. His current role involves working with our Partners on product and journey development, as well as the commercial and general management of our credit card programme.
Joe has extensive knowledge in the financial world, especially in the loans division, having worked at Vanquis Banking Group for 6 years. Joe also has a great understanding of customer marketing and engagement.