Self-Assessment Deadlines and Penalties 2024-25: Everything You Need to Know
It can be challenging to keep track of tax commitments, especially when there are time limitations and one seeks to spare himself any fines. At TVR Accountants, we come in to make all these negotiations easy. For individuals that are self-employed or have income beyond PAYE, it is important to know the self-assessment deadlines and ensure that one meets them so as to avoid incurring late payment penalties.
Let’s walk you through the key dates for the 2024-25 tax year and what happens if you miss them.
Important Self-Assessment Deadlines in 2024-25
- 6th April 2024 – Start of the Tax Year
The new tax year starts means it is the first day to begin organizing your documents. While the actual filling isn’t due yet, it is good practice to prepare the documents in advance to avoid the rush nearer the deadline.
- 31st July 2024 – Payment on Account Due
If any of such payments (if made) were made; this is also the date on which the second installment for the tax of the last year is due. Such advance payments are particularly useful in reducing the tax that is usually payable in January, so pay it up!
- 5th October 2024 – Deadline to Register for Self-Assessment
New to self-assessment? You need to register with self-assessment by this date if you work for yourself or have other income that is not taxed at source through PAYE. A Unique Taxpayer Reference (UTR) will be issued to you, which you will use when submitting your tax return.
- 31st October 2024 – Paper Submission Deadline
If you prefer filing your tax return on paper, make sure it’s with HMRC by this date. Miss it? Don’t panic—you still have the option to file online, but remember that paper submissions are being phased out, so it’s best to get familiar with digital filing.
- 31st January 2025 – Online Filing and Final Payment Due
The most important deadline! Your online self-assessment tax return must be submitted by this date, along with any tax owed. This is also when your first payment on account for the 2024-25 tax year is due.
The risks of not adhering to such dates are very real which leads us to the next section.
What Happens if You Miss the Deadlines?
- Missed the deadline of the 31st January of the year 2025?
- HMRC will automatically charge you £100 if your tax returns are lodged after the deadlines set, even by a day. The fine increases the longer you delay:
- After 3 months: £10 per day (up to 90 days).
- After 6 months: A further penalty of 5% of the tax due or £300 (whichever is greater).
- After 12 months: Another 5% or £300 penalty.
- Late Payment Penalties
- If a person does not pay this tax by January 31, 2025, he will be subject to additional penalties for late payment:
- After 30 days: 5% of the tax due is added.
- After 6 months: A further 5% is added.
- After 12 months: Another 5 % is added.
Do not forget to account for the daily accrued interest on any tax which is not paid by its due date. It is not hard to comprehend how missing the deadlines can turn what would have been a small tax bill into a big liability.
Tips to Avoid Penalties
- Think Ahead: Begins the process of collecting usable receipts and records well ahead of time. Do not postpone things for the last week, why cause problems for yourself while filing that return? This way there are no added worries and much less chances of errors occurring.
- Use Notifications: Write key timelines on your planner or use phone reminders. That little thing can prevent you from paying huge fines.
- Get Help if Needed: If self-assessment feels daunting, we’re here to help. At TVR Accountants, we’ll ensure your return is accurate and submitted on time.
How TVR Accountants Can Help You Keep Out of Trouble
We know self-assessment isn’t as easy as it looks, but you don’t have to trouble yourself with it. TVR Accountants will walk you through each step as weariness might cause you to miss the deadlines, and except for trying so hard, there will be no penalties. Moreover, we can assist you in alleviating your tax liability by recognizing pertinent allowable costs and tax relief associated with you.
Contact us today to see how we can help with your self-assessment for the 2024-25 tax year. Let’s make tax season stress-free together.
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