A financial expert has warned thousands of people about an upcoming deadline that requires action within weeks to avoid a £100 fine. The paper self-assessment tax return deadline looms on October 31, mandating individuals to submit their forms or face penalties. Self-assessment is utilised by HMRC to determine the tax obligations of individuals with certain incomes, such as the self-employed, based on their earnings.
Many individuals opt to submit paper forms due to specific vulnerabilities or circumstances. Alastair Douglas, CEO of TotallyMoney, advised people to take prompt action and highlighted available support options. He stressed the importance of not getting caught out by missing the deadline, as fines of £100 are imposed for late submissions of up to three months. Individuals needing to report foreign income, gains, or trust and estate details must use a paper form, as these sections are not available online.
For individuals with vulnerabilities or special circumstances like dyslexia, autism, sensory disabilities, stress, or depression, physical forms may be more manageable. Douglas suggested reaching out to HMRC’s extra support team for guidance, which can include video appointments or phone calls. Designating a trusted individual, such as a close friend or family member, to assist with HMRC interactions is another option. Forms are accessible to provide support where needed to meet the deadline.