Millions of self-employed people and business owners could be hit with a fine if they don't act soon.
Self Assessment is a system HM Revenue and Customs uses to collect Income Tax. Tax is usually deducted automatically from wages and pensions but people and businesses with other income must report it in a tax return.READ MORE: Warning to E.on Next customers over winter discount eligibility According to HMRC, you must inform them by October 5 if you need to complete a tax return and have not sent one before. If you’re doing a paper tax return, you must submit it by midnight October, 31 2023.
The HMRC states: "You’ll get a penalty if you need to send a tax return and you miss the deadline for submitting it or paying your bill. You’ll pay a late filing penalty of £100 if your tax return is up to 3 months late.