Finance

HMRC says ‘it’s important’ as tax warning issued


His Majesty’s Revenue and Customs (HMRC) has issued a warning to UK households ahead of the Self Assessment deadline at the end of this month.

The government department has warned that even if you no longer need to fill in a tax return, you must still inform HMRC or you could be hit with a penalty.

Households must file and pay their Self Assessment tax return before the deadline of January 31, 2025, or people risk being issued a late filing fine of £100. This fee will increase further if it’s more than three months late, or if you pay your tax bill late, and you’ll also be charged interest on late payments.

You’re required to submit a tax return if, in the last tax year from April 6, 2023, to April 5, 2024, any of the following applied:

You may also need to send a tax return if you have any untaxed income from things like renting out a property, income from savings, investments and dividends, tips and commission, or foreign income.

But if you no longer need to send a tax return it’s still really important that you let the government know and if HMRC agrees, you’ll be sent a letter confirming this.

In a warning on X (formerly Twitter), HMRC said: “Myth: HMRC will take me out of Self Assessment if I no longer need to file a tax return.

“Reality: It is important that you tell us if you no longer need to fill in a tax return to avoid any penalties.”

You might no longer need to send a tax return if you no longer pay the High Income Child Benefit Charge, if your income is below £150,000, if you no longer rent out a property, or if you’re no longer self-employed, for example.

You can let HMRC know about your change of circumstances by filling in an online form, using HMRC’s online digital assistant, or by phoning 0300 200 3310. You’ll need your National Insurance number and your UTR number when you do this.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Finance

Mortgage interest cuts may be ‘short-lived’ after inflation rise sends swap rates surging

Recent mortgage interest rate reductions may be short-lived following an unexpected rise...

Finance

MSE exposes gaps in new five-minute parking rule that could land drivers with huge fine

Martin Lewis’s Money Saving Expert (MSE) said the new five-minute parking rule...

Finance

Hargreaves Lansdown urges anyone with savings to beat Rachel Reeves ‘Cash ISA raid’

Investment platform Hargreaves Lansdown is urging anyone with savings to beat Rachel...

Finance

Pensioners set for tax hit as State Pension predicted to surge £1,100

Millions of pensioners are set to receive a significant income boost under...