Overview

• HMRC posted on X that there is one week left for individuals completing a tax return for the first time to register for Self Assessment by Oct. 5.
• Failing to notify HMRC when required can lead to a ‘failure to notify’ penalty ranging from 0% to 100% of potential lost revenue, depending on circumstances.
• Current late filing penalties include an initial £100 fine, daily £10 charges after three months up to £900, and further 5% or £300 penalties at six and twelve months.
• If you register after Oct. 5 and do not pay all tax due by Jan. 31, you may receive a failure-to-notify penalty, typically issued within 12 months after HMRC receives your return.
• Industry commentary says Making Tax Digital from April 2026 is expected to require five submissions a year with a points-based regime leading to a £200 fine after four misses and earlier late-payment penalties starting at 15 days.