HM Revenue and Customs (HMRC) has issued an urgent alert to millions of taxpayers across the United Kingdom, highlighting a critical deadline that is now just weeks away.
Key Deadline for Self Assessment Filings
The tax authority has reminded individuals that the majority of those required to complete a Self Assessment tax return for the 2024/25 tax year must submit it online and pay any tax owed by 11.59pm on January 31, 2026. This deadline is mandatory for most taxpayers, including the self-employed, company directors, and those with additional income.
For many people new to the system, obtaining a Unique Taxpayer Reference (UTR) is an essential first step to file correctly. HMRC stresses that failing to meet the deadline will trigger an immediate penalty.
Penalties for Late Filing and Payment
The penalties for missing the deadline are severe and escalate quickly. An initial £100 fine is applied immediately for a late tax return, even if there is no tax to pay or the tax is paid on time.
If the return is more than three months late, daily penalties of £10 per day can be charged, up to a maximum of £900. After six months, a further penalty of 5% of the tax due or £300 (whichever is higher) is added. A similar charge is applied again after 12 months.
Additional Charges for Late Payment
Separate charges apply for late tax payments. At 30 days late, a penalty of 5% of the unpaid tax is incurred. This increases by another 5% at six months and again at 12 months late. Interest will also be charged on any outstanding tax from the due date until the payment is made in full.
If You No Longer Need to File
HMRC has also issued specific guidance for individuals who believe they no longer need to submit a return. In a post on X (formerly Twitter), the department urged: "The #SelfAssessment deadline is fast approaching. If you no longer need to submit a tax return, let us know as soon as possible."
Failure to inform HMRC that you are no longer required to file can still result in a penalty, as the system may continue to expect a return. Taxpayers in this situation are advised to contact HMRC directly to update their status and avoid unnecessary fines.
With the deadline rapidly approaching, taxpayers are being urged to organise their records, ensure they have their UTR, and either file their return or contact HMRC without delay to prevent costly penalties.
