Tax return deadline looms

THE ANNUAL self-assessment tax deadline is just two weeks away on January 31, so there is no time to lose if you have to file a return.

- Harvey Jones

Almost six million have yet to send theirs for the 2022/23 tax year, and risk an instant £100 fine if they miss the deadline, with further penalties if they do not get their act together.

If you have not filed a return before you probably do not need to do so this year either, unless your financial circumstances have changed, said Alice Haine, personal finance analyst at investment platform and coaching service Bestinvest. You may need to file if you are self-employed and earned more than £1,000, got money from renting a property, or held savings and investments outside of a tax-free Isa.

"You may also need to file a return if you earned income from overseas, claimed higher-rate pensions tax relief or earned more than £50,000 and got child benefit," Haine said.