While most of us were ringing in the New Year with a chorus of Auld Lang Syne or nursing a hangover from the revelries, nearly 25,000 people filed their tax return on January 1, 2025, according to HMRC figures. Most people – 2,603 – filed their returns between 14:00 and 14:59. A further 38,260 people filed on New Year’s Eve, with the highest number of returns filed between 12:00 and 12:59, by 4,331 people.
At that stage, 5.4m people still needed to file their return, and anyone who misses the January 31 deadline can expect to pay a penalty and could face interest payments on top if they persist in not filing.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “We know completing your tax return isn’t the most exciting item on your New Year to-do list, but it’s important to file and pay on time to avoid penalties or being charged interest.
“The quickest and easiest way to complete your tax return and pay any tax owed is to use HMRC’s online services… Some 97% of customers now file online and one benefit is that they don’t have to complete it all in one go – they can save what they have done and pick it up again later.”
What happens if I miss the deadline?
Anyone who misses the January 31 deadline could face an immediate £100 penalty for late filing, even if there is no tax to pay or any tax due is paid on time. They should file as soon as they can after this to avoid additional penalties racking up.
If the return is still not filed three months later, then additional penalties of £10 per day up to a maximum of £900 could be charged. After six months, a further penalty of £300 or 5% of the tax due, whichever is greater, could be charged. If the return still hasn’t been filed after 12 months, then another £300 or 5% of the tax due, whichever is higher, will be charged.
Extra penalties of 5% of the unpaid tax at 30 days, six months and 12 months will also be applied, and you will face interest payments on any unpaid tax in addition to these penalties. Anyone who is yet to file their tax return can do so online, via gov.uk, or contact your accountant for help.
Let us help you
If you’re a sole trader or contractor and you’ve missed the deadline for filing your self-assessment then please get in touch as soon as possible and we will do everything we can to help you.
