HMRC warns five groups of people must act by weekend or face £100 fine
A full list of people who need to register for the HMRC Self Assessment before a deadline this weekend have been revealed. There are two important tax deadlines in October that could result in a fine if missed, with a £100 financial penalty.
People who are unsure if they need to register for self-assessment can check on the HMRC website. Registration can be completed easily online through HMRC, but anyone who fails to do this and submits their tax return late risks a fine.
It is important to note that the individual taxpayer is responsible for registering for self assessment, not HMRC, so do not expect to receive a notification or reminder that registration is required. Anyone who needs to complete a self assessment tax return, both online and on paper, for the first time to cover the 2023 to 2024 tax year, should tell HMRC by 5 October 2024.
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There are plenty of myths about who needs to file a self assessment return before the 31 January 2025 deadline and HMRC debunks some of the most common ones. Taxpayers may need to complete a tax return if they are: newly self-employed and have earned gross income over £1,000, earned below £1,000 and wish to pay Class 2 National Insurance Contributions voluntarily to protect their entitlement to State Pension and certain benefits, are a new partner in a business partnership, have received any untaxed income over £2,500 or receive Child Be
Andrew Bartlett, chief executive of Advice Direct Scotland, said: “It’s the time of year when people start turning their minds to their zax affairs, and the first step is establishing whether you need to register with HMRC to fill in a tax return. It’s important not to miss any of the key deadlines set by HMRC as if you do, you risk incurring a fine on top of any tax that you might owe from the 2023/24 tax year.”