HM Revenue & Customs (HMRC) has issued an urgent warning to millions of taxpayers across the UK, stating that 5.65 million people have yet to submit their Self Assessment tax return. The deadline for the 2024 to 2025 tax year is 31 January, leaving less than a month for these individuals to act and avoid an immediate penalty.
The Race Against the Clock
While over 6.36 million taxpayers have already successfully filed their returns, a significant portion of the population remains at risk of missing the cut-off. The festive period saw a surprising number of people getting ahead, with 54,053 customers submitting their forms on New Year's Eve and New Year's Day alone. Intriguingly, the most popular single hour to file over those two days was between 11:00 and 11:59 on 31 December, when 3,927 people completed their returns.
Myrtle Lloyd, HMRC’s Chief Customer Officer, encouraged prompt action: “New Year is a great time to start afresh. What better way than to ensure your tax affairs are in order for another year than completing your tax return. If you have yet to start, the clock is ticking, go to GOV.UK and start today.”
Understanding the Penalties and Process
The consequences of missing the 31 January deadline are direct and financial. Anyone who fails to file on time will face an initial £100 late filing penalty, with further charges accruing the longer the return remains outstanding. HMRC has emphasised that the process is designed to be flexible; customers can begin their tax return online, save their progress, and revisit it as many times as needed before finally submitting it.
Furthermore, payment of any tax bill does not have to be made at the exact moment of submission, but it must be settled in full by the 31 January deadline. HMRC recommends using its official app as the easiest method for both filing and payment. The app also allows users to set up helpful notifications, ensuring they are reminded of upcoming payment dates and never miss a critical deadline.
Key Steps for Last-Minute Filers
For the millions still needing to complete their Self Assessment, HMRC advises taking the following steps immediately:
- Visit the GOV.UK website to access the online Self Assessment service.
- Gather all necessary financial records for the 2024/25 tax year.
- Use the HMRC app to file and pay, and to set up payment reminders.
- Remember, the deadline applies to both filing the return and paying any tax owed.
With the window closing fast, HMRC's message is clear: procrastination could prove costly. Taxpayers are urged to tackle their Self Assessment without delay to ensure a smooth start to the new year and avoid unnecessary fines.
