HMRC warning as missing imminent deadline could land you with £100 fine

There's now just days left to avoid a fine from HMRC

A significant HMRC deadline is looming this week, and missing it could result in fines exceeding £100 for UK residents. The cut-off date for this year's self-assessment tax registration is just days away; individuals required to submit a self-assessment tax return this year have until October 5 to inform HMRC.

This particular deadline applies to those who have never filed self-assessment taxes before. After registering, you'll have until January 31 to file your return and settle any tax owed.

Paper returns must be submitted by October 31, with the same January 31 deadline for payment. Failing to meet these deadlines could lead to a £100 penalty from HMRC, reports the Mirror.

Seb Maley, CEO of Qdos, said: "HMRC issued an advisory a few months ago to alert people about the upcoming deadline. Not everyone will have been aware of it, though, and the deadline has continued creeping on up – now it's imminent."

"It's crucial that those who fit the bill as a self-employed worker – in whatever capacity – register for self-assessment by the 5th October deadline. Doing so means you'll be well-placed to get a head start on the actual payment of your tax bill, well ahead of 31st January."

If you miss the submission within three months of the deadline, additional charges can be incurred, with further penalties and interest if the delay continues or if the tax bill is paid late. With the rise in side hustles over recent years, the number of individuals needing to register for self-assessment is anticipated to increase.

If you're earning additional income alongside your PAYE job, you might need to register for self-assessment tax. As per the charity Turn2Us, registration is required if in the last tax year: The tax year you'll be registering for is 2023-2024, which ran from April 6, 2023, to April 5, 2024.

HMRC has recommended filing returns early to ensure peace of mind, allow time to explore options to spread the cost of the tax bill, claim refunds earlier and avoid expensive errors due to rushing.

For first-time self-assessment registration, if you're registering because you've become self-employed, you can do so online. The Low Incomes Tax Reform Group (LITRG) advises that if you're a sole trader, you'll need to create an organisation account for HMRC's online services, known as a business tax account.

You'll require government gateway login details for this. The group highlighted that this will be different from your personal tax account. Once your business tax account is set up, you can then register for self-assessment by selecting "Add a tax to your account to get online access to a tax, duty or scheme."

The LITRG also mentioned that if you're having difficulties with the digital service, you can fill out a paper form to register. This document can be downloaded from GOV.

UK, printed and posted to HMRC. As this method takes longer, it's advised to post it as soon as possible to ensure it arrives before the deadline.

After you've registered, HMRC should provide you with your Unique Taxpayer Reference (UTR) number within 10 to 15 working days. This is a 10-digit number that you'll need for all communications with HMRC.

The tax office will also send you an official notice to file a tax return for the 2023/24 tax year. You can select whether you want to receive this digitally or by post through your online tax account.

From that point on, all you have to do is submit and pay your tax returns by the appropriate deadline.