UK taxpayers have been urged to file their self-assessment returns for the 2024/25 year « as soon as possible to avoid any further penalties ». Those who missed the January 31 deadline will already have been subject to an automatic £100 penalty, but anyone who also fails to file returns in early February could face further fines. HM Revenue and Customs (HMRC) previously said that over 12 million people were expected to file a self-assessment tax return for the 2024/25 year.
After three months, additional penalties could include daily fines of £10, up to a maximum of £900. After 12 months, another 5% could be added, or a £300 charge, depending on which is greater. There are also additional penalties for late payments of 5% of the unpaid tax after 30 days, six months and 12 months.
Interest may also be charged on the amount owed if tax remains unpaid after the deadline.
HMRC does consider customers’ reasons for missing the deadline, and those with a reasonable excuse may avoid a penalty.
Around two million people had yet to file their returns as of Thursday, January 29, according to HMRC.
Taxpayers who can file their self-assessment returns online include the self-employed and earners with taxable income streams, including those from renting out a property.
The revenue body was expecting a high quantity of taxpayers to file just before the deadline, with its webchat service at 10 times the usual capacity on January 31.
People were also urged to watch out for scams, including criminals purporting to be from HMRC. Fraudsters could threaten people claiming they have an unpaid tax bill or make offers of fake rebates, it was warned.
