HM Revenue & Customs (HMRC) has confirmed that more than 6.36 million people have already submitted their Self Assessment tax return for the 2024/25 tax year. However, HMRC estimates that around 5.65 million taxpayers still need to file, with the statutory deadline of 31 January 2026 fast approaching.

Although it is still possible to submit your return right up to the deadline, leaving it until the last minute can restrict your options if key information is missing or if the tax bill turns out to be higher than anticipated.

Filing and paying are two separate steps

It is important to understand that submitting your Self Assessment tax return does not mean you must pay any tax immediately.

Any tax due for 2024/25 must be paid by 31 January; however, your return can be submitted at any point before that date. Filing early allows you to confirm how much you owe and gives you time to plan how the payment will be made.

Penalties for missing the deadline

HMRC applies automatic penalties if a tax return is not submitted by the 31 January deadline:

  • An initial £100 late filing penalty applies, even if no tax is due.

  • If the return remains outstanding after a further three months, daily penalties of £10 per day may be charged, up to a maximum of £900.

  • After six months, an additional penalty of £300 or 5% of the tax due is charged.

  • After 12 months, a further £300 or 5% penalty applies.

Penalties also apply to late payment of tax. A charge of 5% of the unpaid tax is added at 30 days, six months and 12 months after the deadline, along with interest on the outstanding balance.

If you have not yet submitted your return and would like assistance, please get in touch as soon as possible to ensure you do not miss the deadline.

See: https://www.gov.uk/government/news/565-million-still-to-file-as-the-self-assessment-deadline-looms