Millions yet to file self-assessment tax return

The deadline for filing your self-assessment tax return for the 2024-25 tax year is fast approaching.

So if you’re one of the 5.65m people still to complete and file your form, you don’t have much time left.

The deadline is 31 January, so don’t wait until the last minute to get it done. 

If you need help filling in and submitting your tax return, help and support is available on GOV.UK.

£100 fine for late filing

If you don’t file your tax return on time, you could get a £100 fine, even if there isn’t tax to pay or the tax due is paid on time.

After three months, the fines ramp up to £10 per day, up to a maximum of £900.

And after six months, you’ll face a further penalty of £300 or 5% of the tax due, depending on whichever amount is greater.

Who has to file a self-assessment tax return? 

If you’re self-employed or have an untaxed source of income, you’ll need to complete and submit a self-assessment return, even if you’ve not earned anything.  

“New year is a great time to start afresh,” said Myrtle Lloyd of HM Revenue & Customs (HMRC).

“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.”

What if you can’t afford to pay your tax bill? 

If you’re struggling to pay your tax bill, don’t ignore it. 

Instead, contact HMRC as soon as you can, as they can work with you to help find a solution.  

If you don’t pay on time, you could face:  

• interest and fines on your outstanding balance
• direct deductions from your wages or pension
• bailiffs recovering the money
• money being taken from your bank account  
• potential legal action or even bankruptcy