It is not too late to act for people who have yet to fill in their online tax return ahead of the January 31st deadline, but they should seek help if they are struggling to complete the form otherwise they will be fined, the Low Incomes Tax Reform Group (LITRG) has said.
Figures from HM Revenue and Customs (HMRC) show that almost half of 2016-17 tax returns were not completed until the month of January, suggesting many people leave it late to submit their information. Around 2.3 million people who submitted their returns during January 2018 were either self-employed or in a partnership, and the LITRG has produced guidance covering the introduction of a new trading allowance, which could mean people in this category could either submit a simplified tax return or not need to do one at all.
Chair of the LITRG Anne Fairpo said people who have not yet registered to file their return online "will need to do this urgently", adding, "There is help available from organisations such as LITRG and also HMRC. It would be better to look for help now rather than miss the deadline and get charged an automatic late filing penalty of £100."