Taxpayers are being urged to beat the rush and file their HMRC Self Assessment tax returns well before the January 31 deadline, to avoid last-minute errors and fines. Hazlewoods, a leading accountancy and business advisory firm, is recommending that individuals address their tax returns early to prevent stress and unexpected surprises next year.
Tax partner at Hazlewoods, Nick Haines, has voiced his advice, saying: “I know the last thing people want to think about over the festive period is their tax return but by getting it done as soon as possible they can avoid stress and unwelcome surprises in January.”
Haines also cautioned about the greater chance of scams as the cutoff date nears, noting: “As we get closer to the end of January, phishing emails will be on the rise. Fake offers, tax rebates or emails and calls demanding personal financial information should be reported immediately. Scams today have become so advanced, they can be increasingly difficult to spot.”
Nonetheless, he pointed out that being alert could help dodge some scams, saying: “However, if people remain cautious and report anything that seems ‘off’, then hopefully some can be avoided,” Birmingham Live reports.
Adding to the call for timely submissions, Myrtle Lloyd, HMRC’s Director General for Customer Services, has issued a reminder, urging: “The countdown to the Self Assessment deadline has begun but there is still time to thoroughly prepare and file an accurate tax return by 31 January. You can access online help and support to help you file. Search ‘help with Self Assessment’ on GOV.UK to find out more.”
As the festive season is in full swing, it’s crucial to remember the impending £100 fines for late submissions. Over 12 million individuals are obliged to submit a tax return for the 2023 to 2024 tax year and settle any outstanding tax by the deadline of 31 January 2025.
To aid people in completing their returns, HMRC has produced a series of YouTube videos and a comprehensive guide detailing the necessary steps for first-time filers. Those unsure about whether they need to file a tax return can visit GOV.UK to check if they need to send a Self Assessment tax return. First-timers to Self Assessment must register to receive their Unique Taxpayer Reference before they can submit a tax return for the 2023 to 2024 tax year.
