Anindita Chatterjee
Updated on: October 9, 2024 3:18 am GMT
As the deadline for self-assessment tax returns looms on January 31, 2025, HM Revenue and Customs (HMRC) is proactively reaching out to approximately 12 million UK taxpayers, urging them to complete their returns sooner rather than later. This call to action highlights the importance of planning and budgeting for tax payments, a crucial consideration for those navigating the complexities of self-assessment.
HMRC’s Urgent Appeal
In an email dispatched on Monday, HMRC emphasized the benefits of early tax return submissions. The tax authority is well aware that many individuals engage in self-employment or have additional income, necessitating the completion of a tax return. According to HMRC, sending your tax return early not only alleviates the last-minute rush but also provides peace of mind, allowing individuals to better manage their financial obligations.
HMRC’s email stated: “Sending your tax return early gives you more time to plan and budget for payments ahead of the deadline of January 31, 2025. For peace of mind, help and support, join our live webinars during which you can ask questions using the on-screen text box.”
Webinar Series: Expert Guidance for Taxpayers
To further support individuals through the self-assessment process, HMRC is offering a series of informative webinars. These sessions are designed to address common questions and concerns regarding tax returns, thereby easing the filing process for taxpayers.
Webinar 1: Understanding Income and Tax Reliefs
The first webinar will delve into the various types of income that need to be reported on an online tax return. Participants will receive guidance on declaring:
- Bank interest
- Dividend income
- State pensions
- Other state benefits
- Work pensions
- High Income Child Benefit Charge
Additionally, this session will cover tax reliefs available to taxpayers, such as:
- Pension contributions
- Charitable donations
- Blind persons relief
- Marriage allowance
Webinar 2: Self Assessment Calculations and Payments
The second webinar focuses on how to effectively calculate and manage payments related to self-assessment. This session will provide insights on:
- What is included in your Self Assessment calculation
- Payments on account
- Full Self Assessment calculations
- Deadline for payments
- Budget payment plans
- How to pay and what to do if you can’t pay on time
Webinar 3: Completing Your Online Tax Return
In the final webinar, attendees will learn about the steps necessary for finalizing their online tax returns. This session will address:
- Checking your return for accuracy
- Saving and submitting your tax return
- Amending your return after submission
- Addressing underpaid and overpaid tax
- Managing tax-related debts
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Additional Resources for Taxpayers
For those who may need quick answers or visual aids, HMRC has also made available a collection of ‘how to’ videos on its YouTube channel, covering topics like changing personal details, and understanding foreign income in relation to self-assessment tax bills. These resources are designed to assist taxpayers in navigating their responsibilities efficiently.
As the January deadline approaches, HMRC’s emphasis on early submission and available support mechanisms aims to ensure that taxpayers feel equipped to manage their self-assessment obligations, reducing stress and avoiding potential penalties associated with late filings.
If you want to learn more about self-assessment and find helpful resources, check out HMRC’s official website. You can also join their upcoming webinars to make your tax return process easier and more successful.
