Martin Lewis money show – money saving expert warns ‘do it now’ to avoid HMRC fine
MARTIN Lewis has issued a warning to millions of Brits who are at risk of a £100 fine.
The Martin Lewis Money Show returned on Tuesday for the latest episode of its 12th season.
During the show, the MoneySavingExpert founder explained that households have just a week left (now two days) to fill out their self-assessment tax returns.
Millions of people must fill in their tax return, before the January 31 deadline.
Martin urged Brits to not leave the form until the last minute because it could get delayed in HMRC backlog.
People who miss the self-assessment deadline face a penalty of £100 if their tax return is up to three months late.
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Further fines of £10 a day are applied after three months, up to a maximum of £900.
For payments late by six months, you'll be fined 5% of the tax you owe or £300, whichever is greater.
You'll need to submit a tax return if you were self-employed with income of more than £1,000 or if HMRC has said you underpaid on tax last year.
The warning also includes those who are high earners, earned income from abroad, or earned money on savings and investments.
Speaking on the show, Martin said: "If you don't do it you risk a £100 fine and if you haven't done the payments that you need, you'll be charged interest on that.
"Because, people can be charged interest on payments that they haven't made to the tax office.
"If you have been sent one of these, you have to do it, even if you don't think you should, you have to do it.
"Please, it's already very late, do not leave it to the last minute.
If you've already signed up for self-assessment, you can find your UTR on relevant letters and emails from HMRC.
HMRC accepts your payment on the date you make it, not the date it reaches its account - including on weekends.
Gather all the information and documents you need
Gather all of the expenses and documents relating to your income.
Having these to hand will help you race through the process.
This includes your 10-digit Unique Taxpayer Reference (UTR) and your National Insurance number.
The form also includes include bank statements and details of untaxed income from the year, which might involve finding your P60 (if you earned more than £8,500), your P11D (which has information about expenses and benefits), and payslips.
If you're self-employed, you'll need records of your income and receipts for expenses.
You will also need interest statements from banks and building societies, and details of pension contributions made.
If you need third parties to provide you with statements and documents, you should contact them right away as this can take time.
Fill in the form
Once you log in to complete your online tax return, you should begin by checking your personal details.
You should then choose to fill in the sections that fit your circumstances.
There are HMRC guidance notes and manuals online, but if you're struggling you could seek advice from an accountant or tax adviser.
Consumer group Which? also offers an that does the calculations for a tax return and submits it directly to HMRC.
You have to fork out £10 for the service though, or £36 if you're not a member.
For more tips and help see our handy guide on how to fill out the tax return.
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Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk