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Your time is running out, taxman warns

January 31 isn’t getting any further away, warns Her Majesty’s Revenue & Customs, issuing the warning to anyone taking their time with their self-assessment.

There’s no time like the present if you have yet to complete your online self-assessment [1], what with only a few weeks until  you’re officially past your deadline. Despite the fact that the time remaining to those yet to submit their assessments, there could be as many as 10 million contractors, freelancers, or other self-employed Brits that have been lax in completing their returns, according to the Association of Chartered Certified Accountants.

ACCA says that with such a large number of people insisting in being laggardly when it comes to filing their returns, there’s a good chance that HMRC’s online systems could be quite busy – especially in the last few days before the actual deadline. This could lead to some people unfortunately missing the deadline for anyone who waited until the 11th hour – leading to an instant £100 fine even in the event that there is no tax owed by the tardy taxpayer.

This is most likely the last thing you could possibly need to deal with, especially at a time when most households in the UK are already hurting from festive season spending, ACCA said. In fact, an additional £100 , especially when it could be so easily avoided, could be just the thing that breaks the camel’s back for many British families, the Association warned.

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