Tick‑Tock: Self‑Assessment is Closing in
Heads up, side‑hustlers and freelance champs: You’ve got under 100 days left to hand in your self‑assessment tax return before HMRC rings the bell at midnight, 31 January. Missing that deadline? Expect a £100 penalty—like a tax‑world “ghost in the machine” warning!
What the System Says (and why you’ll want to listen)
- When you owe: If your self‑employment income (after that big trading allowance) tops £1,000 between 5 April 2022 and 6 April 2023, you’re on the tax roster.
- Big‑spenders: Partners, anyone earning over £100,000, or those with the High Income Child Benefit Charge—yes, you’re on the list too.
- Default penalty: First offence, £100. If you’re three months late, the fine scales up like a snowball.
- Late payment interest: 7.75% (UK Treasury’s benchmark is 4.25%). That’s a steep, sticky note on your ledger.
CEO Sound‑Off: Seb Maley, Qdos
“It’s that time of year again,” Seb says, “and if last year was any clue, we’re looking at 12 million tax filers. That’s full‑time freelancers, business owners, and the glorious ones juggling a side hustle.”
He warns, “Missing the 31st January midnight hits you with a £100 slap. Add the 7.75% interest, and the numbers creep up faster than a cat chasing a laser pointer.”
“Your return has to be spot‑on. HMRC cocks its eyes and can jump into a tax audit if something looks fishy,” he adds.
“We’ve seen enquiries spike 20% over the last two years—now nearly 300,000 a year. Get compliant, feel protected, stay chill.”
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