Last year, almost 11.5 million tax returns were due, yet only 10.7 million tax returns were submitted on time, according to HMRC.
If you miss the deadline, you could be slammed with fines of up to £1,000 – although you can also appeal a penalty if you have a reasonable excuse.
You will be hit with a £100 fee if you file more than three months late, followed by an additional £10 a day up to a maximum of 90 days (£900).
You can calculate how much your fine will be on the GOV.UK website.
The deadline on January 31 is for the last tax year, which started on April 6, 2017 and ended on April 5, 2018.
How do you know if you need to submit a tax return?
Self-assessment is a system HMRC uses to collect income tax.
Tax is usually deducted automatically from wages, pensions and savings, but people and businesses with other incomes must report it in a tax return.
We've made a list of who it applies to below:
- Earned more than £2,500 from renting out property
- They or their partner received high income child benefits and either of them had an annual income of more than £50,000
- Received more than £2,500 in other untaxed income, for example from tips or commission
- Are self employed sole traders
- Are limited company directors
- Are shareholders
- Are employees claiming expenses in excess of £2,500
- Have an annual income over £100,000
The deadline to register for self-assessment for the first-time was on October 5, so if you're required to complete a tax return for this year and haven't yet registered, you should contact HMRC as soon as you can.
Meanwhile, the deadline for filing tax returns by paper was at the end of October.
To sign in or register visit the "Self Assessment tax return" section of HMRC's website.
If you find yourself submitting your tax return after the deadline, here are some of the excuses HMRC will accept.
But if you get emails from HMRC claiming you are owed a tax refund, make sure you double-check it's actually not a phishing scam before you give any details.
Earlier this year a self-employed gardener was conned out of £10,000 in bank transfer scam by fraudsters impersonating HMRC.
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