Martin Lewis issues warning to thousands of people with savings accounts
Martin Lewis has warned anyone with a savings account to check their interest - because they could need to fill out a self-assessment tax return for HMRC. The BBC and ITV star, who is the Money Saving Expert founder, spoke out ahead of January 31.
With only a week left until the Self Assessment deadline, 3.4 million customers are yet to file their 2023 to 2024 tax return. And HM Revenue and Customs (HMRC) is warning them to file now or risk missing the 31 January deadline – and getting a £100 penalty.
“Tax return deadline is a-coming. It is at the end of the month, 31 January, so it’s for the tax year 2023 to 2024," Mr Lewis said. “I spoke to HMRC today, there were 5.4 ,million people who hadn’t done it at the beginning of the month.
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"There are still 3.8 million people who need to do it who haven’t done it, that is a lot of people, people. So do not delay it, the phone lines get busier it gets tougher if you have a problem. If you have a self-assessment tax return to do, get it done. It’ll make your life easier.”
Martin continued: “If you’ve got over £10,000 in savings interest, that’s a lot of interest, you need to do one. If you earn over £150,000, you need to do one, and if you earned over £50,000 in that tax year, remember the threshold is higher now but this is for the 23/24 tax year, and you got Child Benefit, you need to do a self-assessment.
“So for millions of people who don’t need to do one, don’t panic, but if you’ve been told to do one, [or] you’re in those categories,you need to get one in and you need to get it soon. IF you miss the deadline, the fine’s £100 and there’s possible penalties later on and interest of 7.25% if you don’t pay.”