Over five million taxpayers have less than a month to complete their returns

More than five-and-a-half million taxpayers have less than a month left to get their self-assessment returns in.

Around 5,542,000 taxpayers still need to complete their returns by the January 31 deadline, HM Revenue and Customs (HMRC) said.

In total, more than 11.5 million 2017-18 tax returns are due – and just over half of taxpayers who need to do so have already filed their returns.

HMRC expects the vast majority of taxpayers to complete their returns and pay any tax owed by the end of the month.

Penalties for late tax returns include an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time, plus other charges potentially.

People who may need to complete a tax return include self-employed sole traders and people earning more than £2,500 from renting out property.

Financial Secretary to the Treasury, Mel Stride, said: “With less than one month to go before the deadline, there are still many people that need to act now.

“HMRC is encouraging all self-assessment filers to complete their returns by January 31 and is offering support every step of the way.”

Angela MacDonald, HMRC’s director general for customer services, said: “The self-assessment deadline on January 31 is fast approaching but there is still time for customers to file their tax returns online and on time to avoid any unnecessary penalties.

“If you are completing self-assessment for the first time or are yet to start your 2017-18 tax return, there is a wide range of support and guidance available on gov.uk to help at every stage of the tax return process.”

Read Full Story