5.4 Million Yet to File Self Assessment Tax Returns

As the clock ticks closer to the 31 January 2025 deadline, HMRC has issued an urgent reminder to the 5.4 million taxpayers who still need to file their Self Assessment Tax Returns.

Those who miss the deadline will end up paying a filing penalty of £100 for delays of up to three months. So, taxpayers must begin prepping now and ensure that they can meet the deadline that is only a little over three weeks away now.

Tax Returns: A New Year's Priority for Thousands

Nearly 25,000 taxpayers chose to mark the New Year by filing their tax returns on 1 January. Another 38,000 submitted theirs before midnight on 31 December to avoid penalties.

With less than a month remaining, HMRC is encouraging others to follow suit and use its online services to make the process as smooth as possible.

Consequences of Missing the Deadline

Failing to file by 31 January means facing a penalty, starting with a £100 fine. The longer the delay, the harsher the consequences:

• Initial Penalty - £100 fixed fee, even if no tax is owed.
• Three-Month Delay - Daily penalties of £10, up to £900.
• Six-Month Delay - 5% of tax owed or £300, whichever is higher.
• Twelve-Month Delay - Another 5% or £300, whichever is greater.

Interest will also accrue on any unpaid taxes, adding to the financial burden.

Simplified Online Filing

The majority of taxpayers, which means nearly 97%, now file online, benefiting from a system that allows progress to be saved and resumed at any time.

Payments can be made securely through the HMRC app, which also offers helpful reminders for upcoming deadlines.

Beware of Scams

Tax season is a prime time for fraudsters. HMRC advises taxpayers to be cautious of emails, calls, or texts requesting personal information.

Official guidance on avoiding scams can be found by searching "HMRC tax scams" on GOV.UK.

Conclusion

Filing and paying your taxes on time avoids penalties and supports essential public services. With just weeks remaining, HMRC urges taxpayers to act now and start the process to avoid last-minute stress.

You can contact UK Property Accountants and let our team of experts help you with your filing needs. Act now to avoid penalties—file your Self Assessment Tax Return before the 31 January deadline.