The Tax Reporting Deadline Today: Who Risks a Fine of Up to £1,000.

According to The Sun: Households risk receiving a fine of up to £1,000 from HMRC if they do not take action today.

Today, October 5, you need to inform the tax office if you are required to submit a tax return and have not done so yet.

This form is used by HMRC to collect income tax.

Typically, tax is automatically withheld from salaries, pensions, and savings of citizens.

However, those with additional income must report it in their return.

Note that today is the last day you need to register your intention to file a return, not the return itself.

If you're unsure whether you need to file a return, you can take an online assessment at Gov.uk.

Deadline for submitting a return for the tax year 2024/25 is January 31, 2026, for online submission.

The earlier deadline is October 31, 2025, if you are filing by post.

It is worth remembering that HMRC will impose a fine of £100 for failing to submit a return by the deadline.

Then, a daily fine will amount to £10 for each day until you file your tax return.

If you sell on Vinted or eBay, you may also be asked to submit a self-assessment return.

Since the beginning of last year, companies like Vinted are required to provide data about customers to HMRC if a user sells 30 or more items or earns over £1,700 per year.

Although reporting rules have changed, this is not a new tax.

When Should I Submit a Tax Return?

If you're unsure whether you need to file a tax return, please refer to our list below.

The rule applies in the following cases:

• Your self-employment income exceeded £1,000
• You earned more than £2,500 from rental income
• You or your partner received high-income child benefits, and your annual income exceeded £60,000
• Received more than £2,500 of other untaxed income, for example, from tips or commissions
• Are directors of limited companies
• Are shareholders
• Are employees claiming expenses over £2,500
• Have an annual income over £100,000

You can register online at GOV.UK.

To register online, you need to log into your business account at HMRC and select 'Add a tax to your account to gain online access to a tax, duty, or scheme'.

If you do not yet have login details, you will be able to create them during your first login.

If you do not wish to register online, you will need to send the form to: Self Assessment, HM Revenue and Customs,BX9 1AN, United Kingdom.

After you submit your form, you will receive a unique taxpayer reference (UTR) and activation code from HMRC.

This is a 10-digit number, also known as a tax reference.

It is usually sent by post within 15 days of registering for filing a return.

Upon receiving your UTR, you will be able to file your self-assessment online at GOV.UK or by post.

You can also view our step-by-step guide to completing your tax return here.

Do I Need to Pay Tax on Side Earnings?

Many people facing financial difficulties top up their budget with side jobs.

The good news is that there are many simple ways to earn extra money, but it is important to know the rules.

When you work for a company, it withholds tax from your earnings and pays it to HMRC, so you don’t have to deal with that.

However, anyone earning extra money, like selling items online or walking dogs, may be required to pay tax themselves.

Stephen Moore, head of the labor department at the law firm Ashfords, said: “Caution is necessary if you're receiving additional income, as it is generally taxable.”

“Side jobs may be considered taxable trading income, which can include providing services or selling products.”

You can earn a gross income of up to £1,000 per year tax-free under the trading allowance, but if you exceed this amount, you will have to pay tax.

Stephen added: “You need to register for self-assessment with HMRC to ensure you’re paying the correct amount of tax.”

“Tax categories and the amount of tax owed will depend on your income.”

If you fail to submit your return, you may receive an unexpected bill from HMRC asking you to pay the tax you owe, plus additional penalties.

The scale of taxes on additional income, particularly in the world of online sales, is increasing. It is important to follow the rules to avoid penalties and misunderstandings with tax authorities. If you're running an active business, do not forget about mandatory reporting and timely fulfillment of tax obligations.