Missing the 31 January Self-Assessment deadline can quickly become costly, but understanding the consequences helps you act fast and limit the damage. This deadline applies both to filing your online tax return and paying tax you owe to HM Revenue & Customs. Even if you can’t pay, it’s important to submit your return on time.
Late filing penalties
If you miss the filing deadline, HMRC charges a fixed penalty, even if you owe no tax. After three months, penalties of £10 per day may apply, up to £900. At six months, you could face an additional £300 or 5% of the tax due, whichever is higher. You can find accountants Bath online to help you navigate the financial field.
Several million people have already filed their tax returns, and accountants in Bath are vital for many businesses and individuals.
Late payment charges
If you don’t pay your tax bill by 31 January, interest begins accruing on the outstanding amount. You may also face extra penalties: 5% of the unpaid tax after 30 days, another 5% after six months, and a further 5% after 12 months. These costs can add up quickly.
What you should do
File your return as soon as possible to stop further penalties. If you can’t pay in full, contact HMRC or set up a Time to Pay arrangement online. Acting early shows cooperation and can prevent enforcement action. Missing the deadline isn’t the end of the world, but ignoring it makes things worse. Better planning next year can help you stay on track.