With January 31 fast approaching, don’t miss the Self-Assessment Tax Return deadline. If you don’t file your return and make your required payment by midnight on 31st January, you will receive a penalty.
The penalty for a late submission by one day is £100. This also applies even if you have nothing to pay; it is imperative that you let HMRC know this. An additional £10 a day is then added up to a maximum of 90 days.
After six months of non-payment, you will be charged £300 or 5% of the tax due, whichever is more. The same fee of £300 or 5% of your tax due is applied again if you reach the 12 months without paying.
Benefits of Submitting Your Tax Return Early
Submitting your tax return early reduces the risk of a fine as you have much longer to prepare to make the required payment.
Other motivators to get your return done earlier next year are:
- A faster tax refund if any tax is due to you
- More time to correct any errors that transpire
- An opportunity for much better financial planning – knowing your figures properly for 2025-2026 will encourage you to make any changes that may be needed for an improved rest of 2026!
- Peace of mind
- Easier access to support
Getting Help With Your Tax Return
We work closely with the team at TaxAssist, who have advisers on hand to help you prepare and submit your return. They can be contacted on 01224 637100 for help before the deadline catches you out.
