THOUSANDS of taxpayers have been warned not to miss a fast-approaching HMRC deadline or they could face fines of £100.
There are just three weeks left to submit a paper self-assessment tax return with the final cut-off point on October 31.
The assessment is used by the government body to collect income tax.
This tax is usually deducted automatically from people’s wages, pensions and savings.
However, people and businesses with extra income must report it in a tax return.
Many people choose to complete this process online through the HMRC website as the online deadline is not until January 31, 2025.
But if you want to submit your tax return via the post you must complete it by October 31.
In some instances submitting a physical tax return is your only option, especially if you need to fill in the foreign income and gains, or the trust and estate pages.
This is because these forms are not available online.
If you sell clothes or other items on websites such as eBay or Vinted you might want to make note of the date.
That is because since the beginning of 2024, firms like Vinted have to pass on customer data to HMRC if a user sells 30 or more items, or earns over £1,700, in a year.
While the reporting rules have changed, this is not a new tax.
Those who earn more than £1,000 outside their regular employment were already required to file a Self Assessment tax form with HMRC.
It is worth bearing in mind that HMRC will fine you for failing to file your return by the deadline.
Then, a £10 daily fine applies every day you don’t submit your tax return.
Alastair Douglas, chief executive of TotallyMoney said it is important people do not get “caught out”.
The financial professional said people struggling with learning difficulties such as autism or dyslexia should contact HMRC’s extra support team for assistance.
He explained: “They’re specially trained, and can guide you through the process with a video appointment or phone call — you’ll just need to mention your situation when contacting the HMRC helpline or webchat.”
Do I have to pay tax on my second-hand sales?
Sellers on apps such as eBay and Vinted my be required to pay tax.
If you have made 30 sales or £1,700 this year you will be contacted by Vinted and asked to submit the seller report form on the app.
This year, the company said it will only approach new sellers who registered in 2024.
If you do not hear from Vinted then you don’t need to do anything, though you may need to file a tax return for other reasons separately.
Users who meet the criteria will be asked to add their National Insurance Number to a pre-filled form and check the details are correct before submitting it.
This will be done on the Vinted app.
You don’t need to calculate or count anything yourself.
A Vinted spokesperson said: “Reporting members’ details to the authorities does not necessarily lead to taxation.
“Taxation is a separate matter that doesn’t depend on HMRC reporting.”
They added: “HMRC requires Vinted to collect information from members who meet the criteria mentioned above, regardless of whether or not their earnings are taxable.”
Vinted said that it will be getting in contact with users who need to fill out these forms towards the end of the year.
What that means in practice is that money you make may be reported to the taxman if it’s over the amounts above.
Whether or not you have to pay tax will depend on your wider circumstances.
The majority of people pay income tax automatically through employment via what’s known as PAYE.
How do I file a tax return?
TO file a self assessment tax retun, you’ll need to register with HMRC first, which will then issue you with a Unique Taxpayer Reference (UTR).
You must register for self assessment by October 5 if you have to file a tax return and you have not sent one before.
You can do so by visiting www.gov.uk/register-for-self-assessment.
If you’ve previously registered and already have a UTR, you don’t need to go through this step again.
Once you’ve got your UTR, you can sign in via the “Self Assessment tax return” section of HMRC’s website by visiting www.gov.uk/log-in-file-self-assessment-tax-return.
You can then file your self assessment tax return online.
The deadline for sending a return online is January 31 every year.
If you need a paper copy of the main Self Assessment tax return, call HMRC on 03000 200 3610 and request an SA100 form.
The deadline for sending a return using a paper form is October 31 every year.
You need to pay the tax you owe by midnight on January 31 each year.
HMRC accepts your payment on the date you make it, not the date it reaches its account.
File late and HMRC will issue you with a fine.
