Questions and Answers
I can’t file my self-assessment tax return by 31st January, will I get a penalty?
I have to file a 2023/24 self-assessment tax return but am not going to be able to get it filed by 31st January 2025, will I get a penalty if I file it by the middle of February 2025?
By Catherine Heinen, FCCAThe deadline for filing your 2023/24 self-assessment tax return and paying the tax due is 31st January 2025.
If you submit your tax return after this date you will automatically receive a late filing penalty of £100.
If you submit your return within the next three months of the deadline, you will avoid the next wave of late filing penalties which are £10 per day – for up to 90 days. Further penalties are applied when the return reaches over six and 12 months overdue of the higher of £300 or 5% of the tax outstanding. Each of these penalties are all in addition to one another; not in place of.
If you can’t pay your tax on time, you will also be due to pay late payment interest. If you are aware now that you won’t be able to pay your tax on time it’s important to speak to HMRC and you may be able to set up a Time to Pay arrangement with HMRC.
Late payment interest is currently charged at 7.75%, and HMRC may use a determination of tax to issue you with an interest charge. If you pay your tax later than 30 days late additional penalties will apply.
If you would like any advice or assistance in this area please contact us on 020 8883 5258 or use our simple online contact form to arrange a free initial consultation.
Frequently Asked Questions
If you make a mistake on your self-assessment tax return, you should speak to your accountant and you may want to discuss it with HMRC to determine whether you need to amend your tax return.
If you do need to amend your tax return, and it is within 12 months of the self-assessment deadline you can change your tax return online. If you need to amend a tax return and this deadline has passed you must write to HMRC setting out the changes and implication to your tax liability.
If you miss the deadline for your self-assessment tax return, it's important to speak to your accountant or HMRC as soon as possible. The sooner you rectify the issue and get the tax return filed and tax paid the better.
If you are late, you'll receive an automatic late filing penalty. You'll also be charged interest on late tax payments.
The deadline for completing a self-assessment tax return is 31st January, when completing this online. If you want to submit a paper tax return, the deadline is 31st October.
There are lots of benefits to getting ahead with your tax return, to find out more look at our content hub.
Date published 25 Jan 2022 | Last updated 17 Sep 2024
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Catherine Heinen, FCCA
Catherine is a Technical Content Writer at TaxAssist Accountants, and a qualified accountant. With experience working at two accountancy practices in the UK top 50 accountancy firms according to Accountancy Age, Catherine has significant experience in accounts, tax returns and advising clients. Catherine ensures businesses, business owners and individuals are kept up to date and informed by providing concise and informative technical material.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.