Taxpayers across the UK are being urged to act swiftly to file their Self Assessment tax returns ahead of the looming January 31, 2025, deadline to avoid financial penalties. With over 12 million individuals required to submit returns for the 2023–2024 tax year, HMRC has emphasised the importance of timely and accurate filing.
£100 Fine for Late Submissions
Missing the 31 January deadline incurs an automatic £100 penalty, regardless of whether there is any tax owed. Further delays can lead to additional penalties:
- Three months late: £10 daily fines for up to 90 days (up to £900).
- Six months late: A fine of either £300 or 5% of the tax owed, whichever is greater.
- 12 months late: An additional £300 or 5% of the tax owed.
Nick Haines, Tax Partner at Hazlewoods, remarked: “I know the last thing people want to think about over the festive period is their tax return, but by getting it done as soon as possible, they can avoid stress and unwelcome surprises in January.”
Rising Scam Concerns
With the deadline approaching, HMRC warns of a surge in phishing scams. Fraudsters are increasingly using sophisticated methods, including:
- Fake offers of tax rebates.
- Emails or calls requesting personal financial information.
Haines added: “Scams today have become so advanced, they can be increasingly difficult to spot. If people remain cautious and report anything that seems ‘off,’ then hopefully some can be avoided.”
HMRC advises individuals to report suspicious communications to phishing@hmrc.gov.uk.
First-Time Filers and Support Resources
First-time filers are encouraged to take immediate steps, including:
- Registering for Self Assessment: Those new to the process must obtain a Unique Taxpayer Reference (UTR) via GOV.UK.
- Accessing Online Tools: HMRC provides detailed YouTube tutorials and step-by-step guides.
- Verifying Requirements: Individuals unsure about the need to file a return can use the eligibility checker on GOV.UK.
Myrtle Lloyd, HMRC’s Director General for Customer Services, noted: “The countdown to the Self Assessment deadline has begun, but there is still time to thoroughly prepare and file an accurate tax return by 31 January.”
Main Figures and Insights
- 12.2 million taxpayers filed returns for the 2022–2023 tax year.
- Of these, over 10.5 million used HMRC’s online portal.
- An estimated 96% of taxpayers avoided penalties by filing on time last year.
- Around 630,000 late filers faced fines exceeding £100 each.
Tips for Accurate and Timely Filing
- Double-check personal details: Errors in addresses or National Insurance numbers can delay processing.
- Gather all necessary documents: P60s, P45s, dividend records, and business income summaries.
- Pay any outstanding tax: Payments are due alongside the return submission to avoid additional interest charges.
Hazlewoods also advises taxpayers to leave ample time to review their filings for errors, as last-minute submissions often lead to mistakes.
