When is the Self-Assessment Tax Deadline?
- Two million still haven’t handed their forms in
- Cut off is Wednesday 31st January
- Forms can be completed online
- Hefty penalties if you miss the deadline
It is estimated that more than two million people still haven’t filled in their self-assessment tax forms, which are due on the 31st of January.
11.8 million are required to complete the forms, which has an online cut-off point of Wednesday.
The deadline for paper forms was Sunday, where over 167,000 submitting their forms on this date.
According to HMRC, 9.2 million returns have to submitted, meaning 2.6 need to complete their forms as soon as possible to avoid being fined.
Fines can be issued immediately for a late filing, and will cost you £100 for the first three months, but can have a maximum fine of £900 after this.
Do you need to complete a form?
Most taxpayers in the UK are taxed at the source and therefore do not need to complete a Self Assessment Tax Return.
People who have income that is not taxed automatically, and on which tax is due, will need to complete a self assessment form.
This includes rental income, self-employed income, savings income over the savings allowance, and, depending on the amount, income from eBay sales.
To fill in your form online, head to the Government’s website.