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4h ago

HMRC Sets 5 October Self Assessment Registration Deadline as More Savers Face Tax

Frozen thresholds with high interest rates are pushing many first-time filers into penalty risk if they miss the cut-off.

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Overview

  • Registration is required for people who became self‑employed or earned over £1,000 of untaxed income in 2024/25, including landlords and side‑hustle earnings.
  • Missing the cut‑off can trigger penalties, with HMRC able to issue a £100 fine for late returns and, in some cases, failure‑to‑notify charges plus interest.
  • Online Self Assessment returns for 2024/25 must be filed by 11:59pm on 31 January 2026 or further fines apply.
  • Rising savings rates and frozen tax bands mean many more households will owe tax on interest, with Raisin estimating about 2.64 million people affected in 2025/26.
  • Basic‑rate savers use up the £1,000 allowance with roughly £19,600 at 5% interest (about £9,800 for higher‑rate), and HMRC may adjust tax codes if liabilities go unreported.