The January 31st deadline has passed – yet around 1 million people still haven’t submitted their 24/25 Self Assessment to HM Revenue & Customs!

If that’s you, it’s important to understand what happens next.

What are the penalties for late submission?

Once the deadline passes, the penalties start automatically:

• Immediately – £100 fixed penalty, even if you don’t owe any tax.
• After 3 months – Daily penalties of £10 per day, up to a maximum of £900.
• After 6 months – A further penalty of £300 or 5% of the tax due (whichever is higher)
• After 12 months – Another £300 or 5% of the tax due (whichever is higher)

Penalties alone can exceed £1,600, and that’s before any interest is added.

What about late payment?

If you owe tax and haven’t paid, Interest is charged daily from 1st February until the balance is cleared – the longer it’s left, the more it snowballs.

The good news?

The best thing you can do is file as soon as possible, even if you can’t afford to pay straight away. In many cases, you can apply for a Time to Pay Arrangement, spreading the cost into manageable monthly instalments.

Need support?

If you’re feeling overwhelmed, unsure where to start or worried about the cost – we are here to help.

Telephone 07501 670029

Email contact@maccountingservices.co.uk

Let’s stop the snowballing and let’s get this sorted!