The clock is ticking for filing a Self-Assessment tax return before the 31st January 2025 deadline which is fast approaching, and missing it could result in fines. Here’s everything you need to know to stay ahead.
Important Dates to Remember
31 January 2025:
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- Deadline to submit your 2023/24 Self-Assessment tax return online.
- Final date to pay any tax owed for 2023/24.
- Due date for your first payment on account for the 2024/25 tax year.
What Happens If You Miss the Deadline?
Missing the 31 January 2025 deadline can result in:
- £100 Immediate Fine: Even if you owe no tax, HMRC applies this penalty for late submissions.
- Daily Penalties: After three months, fines of £10 per day (up to £900) may apply.
- Interest Charges: HMRC will add interest to any unpaid tax.
- Higher Penalties for Delays: Severe delays could see penalties reaching 100% of the tax owed.
How to Pay Your Tax Bill
HMRC provides several payment options:
- Bank Transfer: Payments are typically processed the same or next working day.
- Debit or Credit Card: Be mindful of any associated fees or delays.
- Direct Debit: Ensure setup is complete before the due date.
- Payment Plan: If you’re struggling to pay, HMRC’s “Time to Pay” scheme can help spread the cost.
- You can find full details of payment options on HMRC here
Common Pitfalls to Avoid
- Missing Income Sources
- Don’t forget to include all income, such as rental income, dividends, interest received etc
- Misreporting Expenses
- Only claim legitimate business expenses to avoid penalties.
- Filing Late
- Rushing at the last minute increases the likelihood of errors.
Need Help Before the January 2025 Deadline?
Don’t let the stress of Self-Assessment filing ruin your start to the New Year. We can still help you submit your return accurately and on time.
Contact us today to make tax season worry-free and ensure your financial records are in perfect order!
