HM Revenue and Customs (HMRC) could soon issue fines to people if they don't act in the coming days

Millions are anticipated to lodge a self-assessment tax return for the financial year 2023/24, and anyone who needs to register only has until Saturday

People who need to file a self-assessment tax return for the financial year 2023/24 are being urged to register with HM Revenue and Customs (HMRC) by Saturday, October 5. Anyone who fails to register on time will face a £100 fine.

Millions of people are expected to lodge a self-assessment tax return this year and those who need to sign up to do so have just days left. Those who submit the returns must do so by January 31, or risk a £100 fine, regardless of whether tax is owed or not.

There's a variety of reasons that might require someone to sign up, including being newly self-employed with earnings over £1,000. Some may also opt to register voluntarily to pay Class 2 National Insurance Contributions and safeguard State Pension and benefit entitlements, even if earning under £1,000.

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Other reasons for registering include becoming a business partner, having untaxed income above £2,500, or needing to address the High Income Child Benefit Charge if you or your partner's earnings surpass £50,000.

The Low Incomes Tax Reform Group has issued a warning that should you overlook the October 5 deadline, you could face a "failure to notify" penalty for not informing HMRC of taxable amounts, with the fee calculated as a percentage of the due tax.

You can usually avoid a failure to notify penalty from HMRC if you manage to file your 2023/24 tax return online and settle any income tax due for the 2023/24 tax year by 31 January, even if you notify them late. However, failing to register for self-assessment could lead to forgetting to file the return, resulting in a £100 fine and possibly additional penalties.

HMRC has advised that it "urges customers to file their return early to provide peace of mind and to also allow time to consider opportunities to spread the cost of their tax bill, claim refunds earlier and avoid costly errors caused by rushing."

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