Money saving expert Martin Lewis has issued an urgent call to action for millions of Britons, warning them not to delay their self-assessment tax return ahead of a fast-approaching deadline.
The Looming January 31 Deadline
HM Revenue and Customs (HMRC) requires anyone who needs to complete a self-assessment tax return to submit it by January 31. Failure to meet this deadline triggers an immediate £100 penalty, regardless of whether any tax is owed or not.
Latest figures indicate a significant backlog, with over five million people yet to file their returns. Martin Lewis emphasised the urgency in a recent social media post, stating: "If that’s you, get your skates on."
Financial Penalties for Late Submission
The initial £100 fine is just the start of potential financial pain for those who miss the cut-off. Lewis highlighted a more costly consequence: interest charged at 7.75% on any unpaid tax. This interest accrues daily from February 1, making procrastination an expensive habit.
"Anyone HMRC has told to do so. If you’ve been sent a self assessment tax form to do it, you have to do it," Lewis clarified. He stressed that even individuals who believe they may not need to file must act if they have received official notification from the tax authority.
Avoid the Last-Minute Rush
The financial journalist also advised against leaving the task until the final hours. "The later you leave it, the more clogged up HMRC’s phone lines get if you need to speak to it," he cautioned. Data from SEO analysts Four Pillars confirms that online search interest for self-assessment information traditionally surges in the weeks leading up to January 31, indicating a widespread last-minute scramble.
For the millions yet to file, the message from Martin Lewis is clear: treating this task as urgent is essential to avoid unnecessary fines and stressful complications with HMRC.
