The 2023/24 self-assessment online filing deadline is in just four days’ time on Friday 31 January 2025. The Institute is aware of the impact of Storm Eowyn and its aftermath on the ability of taxpayers and agents to file returns on time and will be flagging this to HMRC to ask it to take a pragmatic approach as the fallout from the storm continues into this week. We will update members in the news section of our website. On Thursday 23 January just the day before the Storm, HMRC was warning that 3.4 million returns remained unfiled.
By way of reminder, taxpayers who provide HMRC with a reasonable excuse may avoid a penalty for filing late. However, those without a reasonable excuse will be issued with a penalty including:
- an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time,
- after 3 months, additional daily penalties of £10 per day, up to a maximum of £900,
- after 6 months, a further penalty of 5 percent of the tax due or £300, whichever is greater, and
- after 12 months, another 5 percent or £300, whichever is greater.
31 January 2025 is also the due date for paying any remaining income tax and Class 4 national insurance contributions for 2023/24 and is also the first self-assessment payment on account deadline for 2024/25.
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