HM Revenue and Customs (HMRC) has issued a critical three-week alert to all Self Assessment taxpayers, warning that failure to file and pay by the January 31, 2026 deadline will trigger an immediate financial penalty. This fine applies even if you have no tax to pay for the 2024/25 tax year, or if you have already settled your bill in full.
Digital Surge and the Looming Deadline
The tax authority reports a significant shift towards digital payments, with nearly 340,000 people using the official HMRC app since April. Usage for Self Assessment payments has jumped by 65 per cent compared to the previous year, with almost 133,000 more individuals opting for this method to beat the cut-off.
All Self Assessment customers must complete their online returns and pay any outstanding tax by midnight on Saturday, January 31, 2026. Missing this specific date results in an automatic £100 penalty. This charge is applied regardless of whether any tax is actually owed, making it a strict administrative deadline.
Severe Consequences for Late Filers
The financial penalties for late submission escalate rapidly. After the initial £100 fine, further delays incur daily charges of £10 after three months. Additional percentage-based fines are then applied after six and 12 months. Interest will also be charged on any unpaid tax from February 1, 2026.
For those struggling to pay, HMRC offers an online Time To Pay arrangement for bills under £30,000. Other payment options include using the HMRC app, setting up a direct debit, or making a bank transfer via the GOV.UK website.
Support Services and Key Changes
While 24/7 digital assistants and YouTube tutorials are available, HMRC's phone lines will close on Friday, January 30, and reopen after the deadline. On the final day, Saturday, January 31, help will only be provided through the webchat service.
New digital services mean some taxpayers facing the High Income Child Benefit Charge can now pay through their tax codes, removing the need for a Self Assessment return. However, a crucial manual step remains for others: anyone who has sold assets like property or shares since October 2024 must manually calculate and report any Capital Gains Tax adjustments, as the system will not do this automatically.
The message from HMRC is clear: act now to file your 2024/25 Self Assessment and avoid unnecessary and costly penalties.
