Over 11 million people are due to submit their 2017/2018 tax returns by the 31st of January this year, however, HM Revenue and Customs (HMRC) says more than 5 million people a still due to give it in.
Financial Secretary to the Treasury, Mel Stride, said: “It is encouraging that around 52 per cent of taxpayers have already completed their Self-Assessment tax returns. With less than one month to go before the deadline, there are still many people that need to act now.”
Mark Weeks-Pearson, Director at Ashdown Hurrey, says: “If the client, or taxpayer, doesn’t fill their tax return on time, there’s a £100 fine.
“In addition, if the tax returns still haven’t been filed within three months of the deadline, then there’s a £10 a day fine. So, it really is in the client’s interest to get that return in on time.”
Tax returns will have to include all forms of income and will depend on each individual’s situation.
“It’s mainly those who have their own business”, says Mark Weeks-Pearson. “In a limited company it’s usually the director who is meant to complete a tax return, but you do find some people who are employed and need to complete one.
“If they’re a higher earner and typically that’s over 100-150 thousand pounds." He adds.
“If you have a family and earn over 50 thousand pounds, but you’ve received child benefit […], you also need to complete a tax return as some of the child benefit can be repayable.”
Films and webinars are available online that show each stage of the process, with guidance for individuals in varying circumstances.
Help is also available on GOV.UK or from a helpline 0300 200 3310 and on social media.