Three-day warning for submitting paper tax returns

The end of the month is fast approaching, which means it’s time to get your paper tax return sorted before midnight on Thursday (31 October).

Who needs to file?

If you're self-employed or have untaxed income, you must submit a self-assessment return, even if your earnings are below the threshold (£12,570) or you haven’t earned anything.

About 11 million people need to submit a self-assessment.

Last year, over 180,000 people with low incomes faced fines for not filing. Many misunderstood the initial penalties, which led to increased fines.

In the 2022-2023 tax year, more than one million people missed the deadline.

What happens if I don’t pay?

If you’re struggling to pay your tax bill, don’t bury your head in the sand.

Contact HM Revenue & Customs as soon as possible. Ignoring the problem can lead to:

• direct collection from your earnings or pension
• bailiffs recovering the money
• money taken from your bank account
• legal action
• potential bankruptcy or business closure

I’ve missed the deadline!

If you miss the deadline for paper returns, don’t be tempted to send off your form late as you could be fined £100.

Instead, file your self-assessment online . You’ll need to have registered before 5 October, but you’ll have until 31 January 2025 to submit your form.

Time to Pay

If you tell HMRC you’re struggling to pay your tax bill, they will work with you to put together a Time to Pay arrangement.

This is a payment plan that gives you more time to settle your tax arrears. They typically lasting around six months, though can be extended up to twelve months in special cases.

You need to repay all tax debts, including VAT and PAYE, during this time, as well as tax that becomes owed during the arrangement.

To set up a Time to Pay plan, call HMRC’s helpline at 0300 200 3822.

Need help?

If you’re unsure whether you need to submit a tax return, check out the helpful tool on the government website.

It’s always better to check first than find yourself facing an unexpected fine later.