Not only could you lose the opportunity to reclaim your tax and back money transferred back to from HMRC. But, you could end up being fined from HMRC and actually end up owing them money.

The deadline for submitting your tax return is 31st Jan after the end of the tax year that you started work in.

Let’s explain that a little more and what it means to you.

Every tax year runs from 6th April to 5th April the following year. You then have until the 31st January the following year to submit your tax return. You get a total of 9 months to submit it but if you do submit it late or even incorrectly then you get an automatic £100 fine and then fined a £100 a month until it’s fined.

On the flip side, if you submit in straight away you can reclaim your tax as yearly as April each year.

The earlier you do your tax return the quicker you get your over paid tax back and you’ll have no chance in being fined.