5.4 million still to file Self Assessment tax returns

HMRC is reminding the 5.4 millon Self Assessment taxpayers who have not yet filed a return for the 2023-24 tax year to do so before the 31st January 2025.

Anyone required to file a tax return for the 2023 to 2024 tax year who misses the 31 January 2025 deadline could face an initial late filing penalty of £100. Interest may also be charged on any unpaid tax due.

As well as the estimates of those still to file, HMRC has also revealed more than 24,800 people filed on 1st January. A further 38,000 had even squeezed theirs in before ringing in the New Year on 31st December, with 310 filing between 23:00 and 23:59.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: 

“We know completing your tax return isn’t the most exciting item on your New Year to-do list, but it’s important to file and pay on time to avoid penalties or being charged interest. 

“The quickest and easiest way to complete your tax return and pay any tax owed is to use HMRC’s online services – go to GOV.UK and search ‘Self Assessment’ to get started now.“

Some 97% of Self Assessment taxpayers now file returns online and one benefit is that they don’t have to complete it all in one go – they can save what they have done and pick it up again later.  

Once a tax return is filed, payments can also be made quickly and securely through the HMRC app. Customers can set up notifications in the app to remind them when payments are due, so they don’t need to worry about missing deadlines or penalties.

For people who can’t meet the tax return deadline, HMRC will treat those with reasonable excuses fairly if they tell us before 31 January. 

The penalties for late tax returns are: 

• an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time 
• after 3 months, additional daily penalties of £10 per day, up to a maximum of £900 
• after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater 
• after 12 months, another 5% or £300 charge, whichever is greater 

There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months. If tax remains unpaid after the deadline, interest will also be charged on the amount owed, in addition to the penalties above.