Self Assessment: 96% filed on time, HMRC reports
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HMRC said 11.5 million tax returns were filed by the 31 January deadline, with around 600,000 missing it and facing an automatic £100 penalty.
By Money Guide editorial team
Published:
HMRC reported that 11.5 million people filed their 2024/25 Self Assessment tax return by the 31 January deadline, with around 600,000 missing the deadline and triggering an automatic £100 late filing penalty.
Penalties for very late returns escalate sharply: after three months, daily £10 penalties begin, up to £900; after six and 12 months, further percentage-based penalties of tax owed kick in. Late payment of tax also attracts interest plus 5% penalties at 30 days, six months and 12 months.
People with a reasonable excuse (serious illness, bereavement, an HMRC service failure) can appeal a penalty using the online process. HMRC is generally pragmatic where evidence is provided.
Anyone newly required to file — for example, those with self-employment income over the £1,000 trading allowance, untaxed property income, or capital gains in excess of the £3,000 allowance — should register by 5 October following the end of the relevant tax year.