News
Over 1.1 Million Taxpayers Missed the Self-Assessment Deadline – Why Filing on Time Matters
07 Mar 2025
HMRC has revealed that over 1.1 million taxpayers failed to file their Self-Assessment tax return by the 31 January 2024 deadline. While a record-breaking 11.5 million individuals successfully submitted their returns on time, many still missed the mark, risking penalties and interest charges.
The Importance of Filing On Time
Filing a Self-Assessment tax return is a legal requirement for those who earn income outside of PAYE, such as self-employed individuals, landlords, and company directors. Missing the deadline can lead to financial consequences, including:
- Automatic £100 fine for late submission, even if no tax is owed.
- Additional daily penalties if the return remains unfiled after three months.
- Interest charges and further fines for unpaid tax.
Timely filing helps avoid unnecessary penalties and accurately calculates tax liabilities.
Key Self-Assessment Figures for 2024
- 11.5 million tax returns were successfully filed by the deadline.
- Over 1.1 million taxpayers missed the deadline.
- The busiest filing day was 31 January, with 865,000 returns submitted.
- More than 36,000 people filed between 11 pm and midnight on deadline day!
How to Avoid Late Filing Penalties
If you missed the deadline, taking immediate action is crucial:
- File as soon as possible: The longer you wait, the higher the penalties.
- Pay any outstanding tax: Interest charges begin accumulating immediately.
- Appeal if necessary: If you had a valid reason for missing the deadline (e.g., illness, bereavement), you can appeal against the penalty.
Key Deadlines to Remember
Looking ahead for 2025, HMRC must receive your completed tax return and any tax owed by the deadline. The most recent tax year will run from 6 April 2024 to 5 April 2025.
If you haven’t submitted a Self-Assessment tax return before but need to, you must inform HMRC by 5 October.
How We Can Support
Staying ahead of deadlines and ensuring accurate reporting can help you avoid unnecessary stress and extra costs. If you need guidance or support with your Self-Assessment tax return, our team is here to help. Contact us today to ensure you meet all your tax obligations on time!
