Taxpayers Face Imminent Self Assessment Deadline

This filing requirement applies to self-employed sole traders who earned over £1,000 during the previous tax year. It also covers individuals who disposed of an asset, paid capital gains tax, or incurred the High Income Child Benefit Charge without settling it through PAYE.

Missing the January 31 deadline triggers an immediate £100 fine. Outstanding tax debts will also accrue interest charges at a rate of 7.45%.

Taxpayers unable to pay their full liability may be eligible for a Time To Pay arrangement. This option is available for those owing less than £30,000 who meet specific eligibility criteria.

Chartered accountant Rebecca Benneyworth notes that penalty letters for late filing typically arrive in late February. While a submission remains mandatory, taxpayers may be able to avoid the initial £100 penalty under certain circumstances.

HMRC reports that thousands of individuals have already settled their tax bills using the official HMRC app.

Lucy Pike, HMRC's Chief Security Officer, warns that scammers frequently impersonate the agency. These criminals target individuals with fake tax demands to steal sensitive personal information.

All untaxed income—including foreign earnings, tips, commissions, and rental income—must be declared on the return. Late filing penalties also apply to missed paper returns.

The deadline to register for Self Assessment was October 5, 2025. Appeals against penalties are permissible if a taxpayer provides a reasonable excuse, such as the recent death of a partner or relative.