Overview
- HMRC says more than 6.36 million returns have already been submitted, leaving 5.65 million still to file before 11:59pm on 31 January.
- Following a Bank of England base rate cut to 3.75%, HMRC’s late payment interest is set to fall from 8% to 7.75%.
- Penalty escalation applies for late filing, including £10 daily charges after three months up to £900, then 5% of tax due or £300 after six and again after 12 months.
- Separate late payment penalties apply at 5% after 30 days, with further 5% charges at six and 12 months, in addition to interest.
- HMRC urges customers to use GOV.UK guidance and the HMRC app for payments and reminders, and to contact the department before the deadline if they cannot file on time.