Self Assessment

Deadlines for filing of Return and sending information to Grants.

Deadlines

Filing of Self-Assessment Tax Return

Tax Returns filed online have a filing date of 31 January 2025.

HMRC’s penalty regime for the late filing of SA Tax Returns is as follows:-

  • All Tax Returns not filed by 31 January 2025 will attract a penalty of £100.
  • Tax Returns not filed by 30 April 2025 will attract a penalty of £10 per day; up to a maximum penalty £900.
  • Tax Returns not filed by 31 July 2025 will attract a further penalty of at least £300.
  • Tax Returns not filed by 31 January 2026 will attract a further penalty of at least £300.

Payment of Any Tax Outstanding

Outstanding tax is due to HM Revenue & Customs by 31 January 2025 and late payment will attract an interest charge until date of payment.

HMRC also charge penalties for late payment of tax as follows:-

  • Tax paid 30 days late (2nd March 2025)- 5% of tax owed at this date
  • Tax paid 6 months late (1st August 2025) - 5% of tax owed at this date
  • Tax paid 12 months late (1st February 2026) - 5% of tax owed at this date

Underpayments of Tax

You may have a balance of tax payable which as stated above needs to be paid by 31 January 2025.

If the balance of tax payable is less than £3,000 then it may be possible to collect this via your tax code instead of being paid in full by 31 January. If the tax payable is greater than £3,000 then this option is not available.

Collection of this tax via your tax code would clearly have significant cash flow advantages for you. However, to ensure that HM Revenue & Customs collect the income due by this method the tax return must be filed by Monday, 30th December 2024.

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