Less than a month left to file your self-assessment tax return online

HMRC contacted taxpayers with a heads-up of the deadline to pay for their contributions during the 2023/24 tax year, which spans from 6 April 2023 to 5 April 2024.

You are required to complete a form to work out the tax you need to pay if you:

• Are self-employed as a ‘sole trader’ and earned more than £1,000
• Are a partner in a business partnership
• Had a taxable income of more than £150,000
• Had to pay capital gains tax (CGT) when you sold something that increased in value (e.g., a property)
• Had to pay the high-income Child Benefit payment

The Government department noted that over three-and-a-half million people have already filed their return and has urged more taxpayers to prepare and file their form early to avoid any last-minute panic.

This is to help budget and plan your finances for the rest of 2025, and it also means you can claim any refund owed to you sooner.

You can check if you need to complete a self-assessment form online if you are unsure whether you fall into any of the categories listed above.

Another scenario where you may need to send a tax return is if you have any income that hasn’t been taxed yet.

Those circumstances include:

• Money received from renting out a property
• Tips and commission
• Income from savings, investments and dividends
• Foreign income

Missing the deadline on 31 January 2025 can incur fines that will increase in interest the longer the delay in filing the form lasts.

HMRC has also warned that if you believe you are not due to pay any tax, you will still need to complete a tax return.

Also, if you have earned extra income as part of a side hustle, like selling clothes on eBay or Vinted, you will only need to declare the amount if you earned over £1,000 during the 2023/24 tax year.