Self-assessment filing deadline - what to consider before 31 January

iStock.com/ icenando

By Doctors.net.uk Editorial Team

It seems to come round quicker every year, but the self-assessment filing deadline for the 2024/25 tax year is at the end of January. In this blog, we set out some of the things to consider when completing your return.

Penalties for late filing

Don't give away money by filing late. An initial £100 penalty will be charged for late filing. After three months, additional daily penalties of £10 per day can apply, and after six months the penalty can rise to 5% of the tax due. Delaying your submission can be expensive.

You are able to file a provisional tax return if you don't have a piece of information that is holding you up, but do remember to tick the box to say you have included an estimate and explain why. As soon as you get the information, update the return with the correct data.

Pay your tax on time