With only a few weeks to go, HMRC is urging taxpayers to file on time and submit their Self Assessment tax returns before the 31 January deadline.

According to HMRC’s figures, over 4,400 people filed their returns on Christmas Day, with almost 25,000 kickstarting their New Year on a decisive note, by submitting their returns on New Year’s Day.

It’s important to remember that it’s not only the tax return which must be completed by 31 January, you also have to pay any tax due by this date. This includes the payment of any balance of Self-Assessment liability for the 2023-24 year, plus the first payment on account due for the current 2024-25 tax year.

If you need to complete a tax return and miss the January deadline, you could be charged an initial late filing penalty of £100.  More penalties are imposed the longer the tax return remains outstanding.

We can help you with all of your tax requirements, including Self Assessment. Please contact us to find out more.

A reminder of how to pay:

•  The HMRC app

•  Direct debit

•  Online or telephone banking

•  Debit or credit card

•  CHAPS or BACS

•  Post

The full list of ways to pay is available on GOV.UK

The details of how to pay are also available on your bill.  You will need your 11 character payment reference – this is your 10 digit Unique Taxpayer Reference (UTR) followed by the letter ‘K’.

Please note that your payment may be delayed if you use the wrong reference number or pay into the wrong account.

Internet links:

•  More information on Self Assessment – GOV.UK
•  HMRC app – GOV.UK
•  Ways to pay – GOV.UK