Millions of British taxpayers continue to run the risk of a fine of £ 100 if they fail to submit their online self -evaluation tax returns at midnight, according to HM Revenue & Customs (HMRC).
The warning is because more than three million people still have to submit their returns for the tax year 2023-24, so that HMRC advises last-minute fillers to go online for help and use the HMRC app to pay an open balance as soon as Their return once their returns have been completed.
In a considerable shift this year, platforms such as eBay and Vinted data must share with HMRC about sellers who meet specific thresholds – sell 30 or more items or earn at least £ 1,700. This information will be linked to individual tax returns, although HMRC emphasizes that there are no new tax costs for people who only sell occasional personal items.
“We cannot be clearer – if you do not act and just occasionally sell unwanted items online, there is no tax,” HMRC said.
Anyone who misses the deadline of the midnight will make an immediate fine of £ 100, even if they have no taxes to pay. After three months, daily fines of £ 10 per day (maximum £ 900) apply, with further penalties after six and twelve months, plus extra interest on a overdue amount.
About 8.6 million people have already submitted self -evaluation returns, including income from small companies, freelance work and extra income flows. Beniratio Finance accountant Benedicta Egbeme, however, warnings that people who earn more than £ 1,000 through side companies-such as online or ad-hoc services offer themselves for self-evaluation.
Although the new reporting requirements do not create new taxation, they want to ensure that those who really offer real action or services for profit report their income correctly. HMRC advises that potential sellers are risks that buy goods for resale, productions for selling, offering delivery services or releasing property rental properties.