Self-employed and higher earners who earned £50,000 or more and claimed Child Benefit in the financial year 2023/24 will need to fill out a self-assessment by the end of the month.

Dean Butler, managing director for retail direct at Standard Life, said that tax returns were not known for “being fun”.

However, the expert said: “But it’s important to understand what’s required and file it on time to avoid any penalties which can be costly – last year, HMRC collected a record £220million…