The deadline of 31st January 2025 for submitting Self Assessment tax returns for the 2023/24 tax year is fast approaching. If you need to submit a tax return, it is important to do so by the deadline to avoid paying late filing penalties.
You can check whether or not you need to complete a tax return for the 2023/24 tax year by using the government tool.
If this is the first time you are submitting a Self Assessment, the deadline to register without penalty was 5th October 2024. If you have not registered yet, it is therefore important to contact HMRC as soon as possible to receive your Unique Taxpayer Reference (UTR) to enable you to submit your tax return.
If you are registered to submit a Self Assessment tax return but no longer need to complete a return, you must inform HMRC. If HMRC agrees, they will send a letter confirming you do not need to file a return. You may have to pay a penalty if HMRC do not agree before the Self Assessment deadline of 31st January 2025, and you do not submit a return on time.
If you submit your return later than the deadline, you will typically face a £100 penalty if the tax return is up to 3 months late. Should the return be submitted over 3 months late, you may be faced with a larger penalty.
Any payment of tax required by 31st January 2025 will have interest applied if paid after this date. This rate is currently 7.25% (Bank of England Base Rate plus 2.5%). If the payment is made more than 30 days after the deadline, you may also be faced with greater penalties at a percentage of the tax owed.
You can complete your Self Assessment tax return online here.
You can pay any outstanding Self Assessment tax bill online here.
For a fee, professional accountants can help you complete your Self Assessment, or complete it on your behalf, however you will need to provide them with the relevant figures. Please get in touch if you would like a recommendation for accountants we have previously worked with.
