HM Revenue and Customs (HMRC) has disclosed that over 11.5 million taxpayers were able to meet the Self Assessment deadline and submit their tax return for the 2023 to 2024 tax year by 31 January, successfully avoiding a late filing penalty of £100.
By the deadline of 31 January 2025, 90.53% of the expected number successfully completed their self assessment tax return which leaves an estimated 1.1 million late tax returns outstanding.
On the final day, 732,498 individuals filed their returns, with the majority (58,517) choosing to do so between 16:00 and 16:59. A significant number (31,442) waited until the final hour, submitting their returns between 23:00 and 23:59.
HMRC reference https://www.gov.uk/government/news/115-million-file-self-assessment-by-31-january-deadline.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said:
“Thank you to the millions of people and agents who filed their Self Assessment tax return and paid any tax owed by 31 January. I’m urging anyone who missed the deadline, to submit their return as soon as possible to avoid any further penalties. Search ‘Self Assessment’ on GOV.UK to find out more.”
HMRC is encouraging individuals who have failed to meet the deadline for submitting their tax return to do so now and settle any outstanding taxes through the HMRC app, which is downloadable for free.
1.1 million 2023/2024 tax returns not submitted on time
If your tax return is still to be submitted you should send it to HMRC as soon as you can.
The consequences for submitting a tax return after the due date include:
- A automatic fixed penalty of £100 will be imposed, regardless of whether any income tax is owed.
- Following 3 months, further daily penalties of £10 per day will be added, with a maximum limit of £900.
- After 6 months, an additional penalty of 5% of the tax owed or £300, whichever is higher, will be charged.
- After 12 months, another charge of 5% or £300, whichever is greater, will be imposed.
HMRC can cancel penalties if you have a reasonable excuse but only after your tax return has been received and processed.
In some cases you might not need to complete a 2023/24 tax return even though HMRC are currently expecting one from you.
Sometimes HMRC needs you to update them with your change in circumstances so they can review your self assessment record and remove the requirement of a 23/24 tax return where appropriate.
It’s important to let HMRC know if you aren’t meeting self assessment criteria otherwise they will still expect a tax return and automatically charge you late penalties.
2023/24 self assessment tax owing
Self assessment taxpayers who owe HMRC income tax for the 23/24 tax year typically incur a 5% charge on the outstanding tax at 30-day intervals, after 6 months, and after 12 months.
In addition HMRC will add interest on top of any delayed tax payments.
Those unable to pay their full tax bill can make use of the HMRC Time to Pay service which spreads the cost of your tax bill over an agreed period of time.
To ensure you can comfortably cover your future tax obligations one option is to use a Budget Payment Plan with HMRC, which helps save a portion of your income for tax each month.
2024/2025 tax year payment on account
If you owe tax from the 23/2024 tax year HMRC can request a payment on account which is payable by the 31 July 2025.
You are usually asked to make a payment on account if you have a tax bill of £1,000 or more.
Should you anticipate that your tax obligations for the fiscal year 2024/25 will be less than those for 2023/24, you have the option to ask HMRC to reduce your payments on account.
