Self-assessment tax deadline: don’t miss it!

The clock is ticking to file a self-assessment tax return for the 2023-24 tax year. If you’re one of the 4.5 million people who haven’t filed yet, now’s the time to act.  

The deadline is 31 January, so don’t wait until the last minute to get it done. 

Potential fines  

Failing to file on time could result in a £100 fine, even if your return is just a little bit late. If you’re more than three months behind, the fines ramp up to £10 per day, with a cap of £900. 

In 2023, more than 180,000 people on low incomes – under £12,500 – were fined for not submitting a tax return. 

Who needs to file a self-assessment tax return? 

If you’re self-employed or have an untaxed source of income, you’ll need to complete and submit a self-assessment return, even if you’ve not earned anything.  

What if you can’t afford to pay your tax bill? 

If you’re struggling to pay your tax bill, don’t ignore it. Contact HM Revenue & Customs (HMRC) as soon as possible, as they can work with you to help find a solution.  

Failing to pay on time could result in: 

• Interest and fines on your outstanding balance. 

• Direct deductions from your wages or pension. 

• Bailiffs recovering the money. 

• Money being taken from your bank account.  

• Potential legal action or even bankruptcy. 

Tax scams: stay alert  

HMRC has warned that tax return-related scams are on the rise. Last year, they received nearly 150,000 reports of fraudulent activity, including fake rebate claims that try to steal your personal and banking details.  

HMRC will never leave voicemails threatening legal action or ask for sensitive information via text. 

If you receive any suspicious messages or calls, don’t engage with them.  

Here’s how you can report a potential scam: 

• Forward emails to [email protected] 

• Report tax scam phone calls to HMRC on gov.uk 

• Forward suspicious text messages to 60599 

Understanding your tax code: is yours right?  

Even if you’re not self-employed, understanding your tax code can help you stop paying too much or too little tax.  

Tax codes are used to calculate your tax through PAYE or on a private pension. 

Here’s how you can check your tax code: 

• Check your payslip or P45 if you’ve recently left a job. 

• Look at your P60 or pension advice slip. 

• Log into your account on gov.uk for more details. 

What if your tax code is wrong? 

If your tax code isn’t right, it could be a temporary emergency tax code (for example, if you’ve started a new job). If it’s wrong for another reason, contact HMRC to correct it. 

If you’ve overpaid tax, HMRC will notify you and may adjust your tax code or send a refund. If you’ve underpaid, you’ll receive a bill or an emergency tax code to recover the outstanding amount. 

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