Last month to file 2023-24 tax return

The 31 January 2025 deadline for self-assessment tax returns is fast approaching. Avoid penalties and last-minute stress by filing your return and paying any tax due promptly. Don’t forget, first-time filers need to register for HMRC’s online service without delay.

You should also be aware that payment of any tax due should also be made by this date. This includes the remaining self-assessment balance for the 2023-24 tax year, as well as the first payment on account for the 2024-25 tax year.

A recent press release by HMRC has highlighted the fact that 4,409 taxpayers took the time to file their tax return online on Christmas Day with a further 11,932 taxpayers completing their tax returns on Boxing Day. In total, 40,072 self-assessment returns were filed between 24 and 26 December. The total number of submissions for the period was significantly more than in the previous year.

If you are filing online for the first time you should ensure that you register to use HMRC’s self-assessment online service as soon as possible. Once registered an activation code will be sent by mail. This process can take up to 10 working days.

If you miss the filing deadline then you will be charged a £100 fixed penalty (unless you have a reasonable excuse) which applies even if there is no tax to pay, or if the tax due is paid on time. There are further penalties for late tax returns still outstanding 3 months, 6 months and 12 months after the deadline. There are also additional penalties for late payment amounting to 5% of the tax unpaid at 30 days, 6 months and 12 months.