Overview

• From May 1, 2025, HMRC is imposing £10 daily fines for up to 90 days on taxpayers who missed the January 31 self-assessment deadline.
• Approximately 1.1 million individuals are currently accruing these penalties, which could total up to £900 if returns remain unfiled for three months.
• Additional penalties of 5% of the tax due, or £300, will apply at six and twelve months, with interest on unpaid amounts set at 8.5%.
• Taxpayers are urged to use HMRC’s online portal or seek professional advice to file promptly and minimize further financial consequences.
• The self-assessment system requires individuals with untaxed income, such as self-employed workers or landlords, to submit tax returns even if no tax is owed.