Millions of people could be impacted
HM Revenue and Customs has warned people to make a 'quick check' as not doing so could mean they lose out on £100 of their hard-earned cash. Millions of people are expected to file a self-assessment tax return for the financial year 2023/24. These tax returns must be completed by January 31, 2025, and anyone who doesn't file theirs by then may be hit with a £100 penalty. And this is the case even if you don't owe any money to the taxman.
said: 'Do you need to do a Self Assessment tax return? You can quickly check using our free online tool.' According to Gov.uk guidance, you must send a tax return if in the last year, April 6 2023 to April 5, 2024, you were self-employed and earned more than £1,000, were a partner in a business, had a total taxable income of more than £150,000, or had to pay Capital Gains Tax when you sold or 'disposed of' something that increased in value.
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