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2w ago

HMRC Reports Record Early Filings as Nearly 300,000 Submit Tax Returns in First Week

The UK tax authority promotes early submissions for better financial planning and warns taxpayers about fraud risks during the 2024-25 self-assessment season.

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Overview

  • A record-breaking 299,419 self-assessment tax returns were filed in the first week of the 2024-25 tax year, according to HMRC.
  • Filing early allows taxpayers to plan payments, set up budget-friendly direct debit plans, and claim refunds sooner, HMRC emphasizes.
  • The self-assessment window for the 2024-25 tax year runs from April 6, 2025, to January 31, 2026, with paper returns due by October 31, 2025.
  • HMRC warns taxpayers to remain vigilant against scams involving criminals impersonating the authority and offering fake refunds.
  • Late-filing penalties start at £100 and can escalate to over £1,000 if returns are delayed beyond three months, six months, and twelve months.