Tax authorities have issued a notice to Self Assessment filers that the clock is ticking, with just a 100 days remaining before the January 31, 2026 cut-off date.
HM Revenue and Customs (HMRC) has revealed that 3.5 million individuals have already completed their submissions for the 2024-2025 financial period.
The tax authority’s chief customer officer, Myrtle Lloyd, urged taxpayers to act promptly to avoid being slapped with an automatic penalty of up to £100.
She said: “With 100 days to the Self Assessment deadline, now is the time to get started. Completing your return now means you know how much tax you need to pay ahead of the deadline.”
Britons are being reminded to check ‘how much tax you need to pay’
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The tax authority emphasised that support and guidance are readily available through GOV.UK for those preparing their returns.
Those who begin their returns ahead of schedule can revisit and modify them repeatedly before final submission. This approach allows taxpayers to determine their financial obligations well before the payment date arrives.
Furthermore, HMRC highlighted that digital filing dominated last year’s submissions, with over 97 per cent of returns completed electronically.
Taxpayers can access comprehensive resources and submit their 2024-2025 returns through the Government’s online portal.
For individuals uncertain about their filing requirements, HMRC provides an online checking tool.
This service helps determine whether a Self Assessment submission is necessary and enables users to inform HMRC if they no longer require annual filing.
Taxpayers who have disposed of assets including shares since October 30, 2024 face additional complexity in their returns.
The tax authority has warned that automatic calculations will not reflect the revised capital gains tax (CGT) rates for these transactions.
Filers must independently determine any adjustments required for their capital gains liability.
HMRC has made an adjustment calculator available through GOV.UK to assist with these calculations.
The changes mean affected taxpayers cannot rely on the system’s standard computations for asset disposals occurring after the October date.
Manual intervention is necessary to ensure the correct amount of Capital Gains Tax is declared and paid.
LATEST DEVELOPMENTS:
Britons are being reminded of their tax liabilities
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GETTYA significant development for Child Benefit recipients involves the introduction of a digital PAYE service for the High Income Child Benefit Charge.
This innovation enables thousands of taxpayers who file Self Assessment solely for HICBC purposes to exit the system entirely.
Qualified individuals can contact HMRC to withdraw from Self Assessment prior to the filing deadline within a tax year. For those who have already received their return, de-registration becomes effective from the subsequent tax year.
The Revenue will subsequently adjust the taxpayer’s code, allowing HICBC collection through PAYE rather than annual Self Assessment submissions. This streamlines the process for affected families.