In figures published by HMRC on 6.1.25 there were 5.4 million customers who still needed to complete and pay their Self Assessment. The deadline for submitting the return and paying any due tax is the 31st January. Even if you don't think you are liable to pay any tax you must still submit your return, otherwise you will be subject to a fixed penalty of £100 for missing the deadline.
After 3 months, additional daily penalties of £10 per day will be charged up to a maximum of £900. After 6 months a further penalty is imposed of 5% of the tax due or £300 whichever is the greater and after 12 months a further 5% of the tax due or £300 is charged.
There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months, plus interest will be charged on the debt.
If you do miss the deadline or are worried that you will not be able to pay your tax bill, you must contact HMRC as soon as possible. You may be able to set up a payment plan to pay in instalments. Follow this link for more information on dealing with HMRC
