Deadline Approaches: File Your Self Assessment in Eight Days
Taxpayers have just eight days left to complete their Self Assessment tax returns for the 2024 to 2025 tax year. The deadline to file is January 31st. Failing to meet this deadline will result in an automatic £100 penalty, regardless of whether taxes are due.
Key Dates and Statistics
- Deadline: January 31, 2025
- Filers as of January 23, 2025: 8.6 million
- Total successful filers in 2024: 11.5 million
- Outstanding returns: 3.3 million
HM Revenue and Customs (HMRC) is emphasizing the importance of timely filing. Taxpayers yet to submit their returns are urged to act immediately to avoid penalties. Those who need assistance can find resources on GOV.UK, such as guidance documents and webinars.
Payment Options and Support
After submitting the tax return, the HMRC app provides a quick method for taxpayers to pay any owed taxes, taking under a minute for completion. A comprehensive list of available payment methods can also be found on GOV.UK.
What Happens If You Miss the Deadline?
Late submissions incur significant penalties:
- Initial fixed penalty of £100, even if you have no tax to pay.
- After three months, an additional £10 per day may be assessed up to a maximum of £900.
- Additional charges of 5% of unpaid tax after six and twelve months.
If you miss the deadline but have a reasonable excuse, HMRC may consider waiving penalties. However, outstanding tax will accrue interest along with penalties.
Upcoming Changes in Tax Regulations
Starting April 6, 2026, sole traders and landlords earning more than £50,000 annually will be required to use Making Tax Digital (MTD) for Income Tax. This initiative includes submitting quarterly summaries of income and expenses to HMRC.
Additionally, for the 2024 to 2025 tax year, customers are not required to list the Winter Fuel Payment or Pension Age Winter Heating payment in their tax returns as those payments will be accounted for in the following tax year.
Scam Awareness
Taxpayers should remain vigilant against scams. HMRC advises that they will never request personal or financial information via text or email. For more information on how to recognize scams, check the advice section on GOV.UK.
Year-Round Online Services
HMRC operates online services throughout the year, boasting a digital filing rate exceeding 97%. Taxpayers are encouraged to familiarize themselves with these resources early to avoid last-minute complications.
To avoid stress and ensure compliance, take action now. Access the HMRC services through GOV.UK to file your Self Assessment before the impending deadline.
