31st January Fast Approaching with 5.65 million Not Yet Filed Tax Returns

HMRC has updated its website to highlight that 5.65 million self assessment tax returns for tax year 2024/25 are still outstanding with the deadline of 31^st January 2026 just weeks away. 

There are approximately 12 million people required to complete annual self assessment returns meaning half of us are still yet to file but many are now gearing up to do so.  According to HMRC, some 54,000 people filed returns on New Years’s Eve and New Year’s Day. 

HMRC is continually issuing reminders, indeed this website’s directors have received both email and text reminders to file.  HMRC is also issuing reminders for those that may be affected by changes to the High-Income Child Benefit Charge, Making Tax Digital (that starts in April for self employed and landlords with turnover greater than £50,000 as well a capital gain tax changes, and winter fuel payments.

Current HMRC Late Self Assessment Tax Return Penalties

• 1 day late filing of tax return = £100
• 3 months + late filing = additional £10 per day, maximum 90 days = £900 maximum.
• Meaning a total late filing penalty after around 7 months of £1,000.
• 30 days late payment of taxes due = penalty of 5% of the tax due.
• 6 months late payment of taxes due = additional penalty of 5% of the tax due.
• 12 months late payment of taxes due = additional penalty of 5% of the tax due.
• Taking late tax payment penalties up to 15% of the taxes due.

Comment

You need to get organised if you have not yet prepared or even thought about your tax return