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31 January 2025 Tax Return deadline missed by 1.1mn taxpayers

Sasha Owen
Tax

An estimated 1.1 million people missed the 31 January 2025 deadline for filing their 2023/24 tax returns according to HMRC.

They now face a penalty of at least £100 for missing the cut-off at the end of the day on Friday, the tax authority has said, unless they can provide a valid excuse for failing to file.

More than 11.5 million people did complete the self-assessment process, including more than 31,000 who finished it during the final hour before the deadline on 31 January 2025

For those who missed the self-assessment deadline, the penalties include:

  • An initial £100 penalty, even if there is no tax to pay
  • Additional daily penalties of £10 a day after three months, up to a maximum of £900
  • After six months, a further penalty of 5% of the tax due or £300, whichever is greater
  • After 12 months, the higher of another 5% of the tax due or £300 charge

There are also fines for late payment of the tax owed, with interest added on top

Hypnotherapy and Psychotherapy, tax fines, tax for self employed, tax return, therapists

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Sasha Owen
Sasha Owen BSc FCA qualified as a Chartered Accountant in 1983 and has been in practice as an accountant since 1987. If you think Sasha has the conventional image of an accountant then you couldn’t be further from reality. Sasha is a Reiki Master, loves the arts, music and theatre; having been on stage herself and worked backstage she really does have a deep understanding and love for the arts and alternative therapy world.

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