What's Happening?
HM Revenue and Customs (HMRC) has issued a reminder to Self Assessment customers that there are 100 days remaining to file their tax returns for the 2024 to 2025 tax year. The deadline for submission is January
31, 2026. Over 3.5 million individuals have already filed their returns, and HMRC is encouraging others to do so early to ensure accuracy and timely payment. The agency has introduced a new High Income Child Benefit Charge (HICBC) PAYE digital service, allowing certain Child Benefit claimants to pay through their tax code instead of completing a full Self Assessment return. Additionally, from April 2026, sole traders and landlords with annual turnover above £50,000 will be required to use Making Tax Digital for Income Tax, submitting quarterly summaries to HMRC.
Why It's Important?
The reminder from HMRC is crucial for taxpayers to avoid penalties associated with late submissions. The introduction of the HICBC PAYE digital service aims to simplify the process for Child Benefit claimants, potentially reducing the administrative burden. The upcoming requirement for Making Tax Digital for Income Tax reflects HMRC's ongoing efforts to modernize tax reporting, which could streamline processes for businesses and improve compliance. These changes are significant for taxpayers, particularly sole traders and landlords, as they will need to adapt to new digital reporting requirements.
What's Next?
Taxpayers are advised to file their returns early to avoid last-minute issues. HMRC encourages participation in testing programs for Making Tax Digital to familiarize themselves with the new system. The agency also warns against scams and advises customers to protect their login details. As the deadline approaches, taxpayers should ensure they understand the new requirements and prepare accordingly.
