With only eight days remaining until the 31 January Self Assessment deadline, it is crucial for taxpayers to act promptly. Missing this deadline may result in an automatic penalty of £100. As of now, approximately 8.6 million individuals have already filed their returns for the 2024 to 2025 tax year. The HM Revenue and Customs (HMRC) is urging those who have not yet submitted their returns to do so as soon as possible.
Important Self Assessment Deadlines
Last year, over 11.5 million people successfully completed their tax returns on time. Currently, 3.3 million individuals have yet to file for this year, and HMRC is committed to assisting them in meeting the deadline. Guidance and support are available on the GOV.UK website, which includes:
- Webinars
- YouTube video tutorials
- Online help resources
HMRC’s online services are accessible 24/7, making it easy to file returns at your convenience. After submitting a return, the HMRC app offers a quick and efficient method for paying any tax owed. This process can take less than a minute.
What Happens After the Deadline?
The deadline this year falls on a Saturday, 31 January. Taxpayers who need assistance can contact HMRC’s phone lines from Monday to Friday, between 8 am and 6 pm. It is important to reach out before the deadline, as phone support will close on Friday, 30 January, and resume on Monday, 2 February.
HMRC provides webchat support on the 31st for immediate inquiries. The penalties for late tax returns include:
- £100 fixed penalty for late submission
- Daily penalties of £10 after three months, maxing out at £900
- 5% of the unpaid tax amount after six and twelve months
For late payments, there are similar penalties and accrued interest on the overdue amounts. However, HMRC may consider reasonable excuses for missing the deadline and could waive penalties in certain cases.
Future Changes and Considerations
Taxpayers planning to file in upcoming years should note that sole traders and landlords with qualifying income exceeding £50,000 will need to use Making Tax Digital (MTD) for Income Tax starting 6 April 2026. This will require submission of quarterly income and expense summaries.
Taxpayers should also be aware that certain payments, such as the 2025 Winter Fuel Payment, do not need to be reported on the current tax return. These will be accounted for in the following year’s submission due 31 January 2027.
Finally, be vigilant about potential scams. HMRC will not request sensitive information via text or email. For further safety information, refer to the HMRC scams advice available on GOV.UK.
Additional Support
More than 97% of Self Assessment returns are submitted online. For further assistance, taxpayers can explore HMRC’s ongoing support and resources available throughout the year.
By filing promptly and utilizing the available resources, taxpayers can avoid penalties and ensure compliance with HMRC regulations.
