According to HMRC, 1 million taxpayers missed the 31 January 2026 deadline for submitting their 2024/25 income tax Self Assessment.
If you’re one of those who has yet to submit your tax return, don’t delay! We recommend submitting your Self Assessment as soon as possible. Here’s what you need to know:
Penalties for late filing
- Immediate penalty: £100 fixed penalty, even if no tax is owed
- 3 months late: £10 per day (up to a maximum of £900)
- 6 months late: Additional penalty of 5% of tax due or £300 (whichever is greater)
- 12 months late: Another 5% penalty on tax still owed
If you can’t pay your tax bill
If you’re unable to pay your tax bill, engaging with HMRC and a trusted tax adviser as early as possible is crucial – early engagement gives you the best chance of mitigating any financial penalties. Options such as ‘time to pay’ arrangements may help you avoid additional penalties, although late payment interest will still accrue.
Take action now
If you’ve yet to submit your 2024/25 tax return and need help or advice to minimise penalties, please speak with your usual PM+M adviser or email us at enquiries@pmm.co.uk.
