Experts emphasize the urgency for self-employed individuals in the UK to submit their tax returns online before January 31st to avoid a £100 late filing penalty.
Last February, HMRC disclosed that approximately 1.1 million customers failed to meet the deadline for filing their tax returns, highlighting a crucial need for timely submissions.
Individuals need to register with HMRC for self-assessment if self-employed or earning from other sources, and should prepare necessary documents in advance to ensure smooth filing.
Completing the tax return accurately online is essential, with HMRC's system guiding users through required sections, ultimately calculating and issuing a tax bill after submission.
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