Read our comprehensive guide to the Self-assessment Tax Return Deadline (31st January) by our very own Tax Expert, the Money Mum Caz, to find out what you need to do.
Self-assessment Tax Return Deadline Fast Approaching
Record numbers of UK taxpayers registered their self-assessment tax returns last year with over 11.5 million submissions recorded by the HMRC. These figures were recorded by HM Revenue & Customs up to midnight 31st January 2024.
Figures also showed that over 12 million taxpayers were projected to be filing their tax returns and pay their tax bills. The annual report also showed that almost 780,000 businesses and individuals had beaten the deadline of midnight on the 31st of January.
Any parents who are self employed or have annual income greater than £50,000 or have any other form of untaxed income (such as income from property or dividends) may have to complete a tax return. Our very own Money Mum Caz, a tax specialist with over a decade of experience in this field explains the process and answers all of your most common questions.
60 Second Summary – Self-employed parents Tax Deadline (31st January)
Every year, millions of self-employed parents submit their annual tax returns to the HM Revenue & Customs (HMRC) before the deadline of the 31st January. According to a recent report, there were more the 5 million outstanding returns due this year and a record breaking 25,000 people submitted their returns on New Year’s Day.
- Parents with an income greater than £50,000 (to be increased to £60,000 next year) can claim their Child Benefit payments via the ‘High-income Child Benefit Charge’.
- The highest earning parent in the household MUST submit their tax return and declare any child benefit received in the past 12 months, if the higher earner receives over £50,000 in salary or income.
- Tax Return Deadline is 11:59pm on Wednesday 31st January 2025 and anyone who fails to submit their return before the deadline could receive a £100 fine (plus pay 7.25% interest on any late payments).
- Get advice from a qualified tax expert who will be able to help you to submit your annual tax return (costs range between £150 and £350).
What is the deadline for submitting my self-assessment tax return?
The official HMRC deadline for submitting your online 2023/2024 self-assessment tax return is 11:59pm on Wednesday 31st January 2025. These tax submissions are for tax year ending on the 5th April 2024.
Who needs to submit a self-assessment tax return?
Most people think that you only have to submit a self-assessment tax return if you’re self-employed, such as a sole trader or limited company director. The reality is that there are also several other reasons why a person might need to submit a return to HM Revenue & Customs, especially high income parents claiming child benefit.
Below are several of the top reasons why an individual might need to submit an annual tax return.
1. Self-employed workers
Self-employed workers (income greater than £1,000) is the most common reason for submitting a tax return. Although, anyone self-employed with an income under £1,000 should also consider completing a self-assessment for their Class 2 National Insurance contributions.
2. Parents claiming Child Benefit with an individual income over £50,000
Parents claiming Child Benefit with an individual income over £50,000 (e.g. you or your partner) will need to submit a tax return for the individual(s) in the household earning more than £50,000 (will be increased to £60,000 next year). Anyone earning more than the threshold will be required to repay the ‘High income Child Benefit Charge’.
3. High income individuals
High income individuals (taxable income above £150,000) the new threshold for high income workers has increased from £100,000 to £150,000 this year. Anyone who previously submitted a return with income between £100,000 and £150,000 should have received a letter from HMRC in the past 12 months to tell them about the change.
4. Savings interest over £1,000 (£500 for higher rate taxpayers)
Savings interest over £1,000 or £500 for higher rate taxpayers will need to be declared to HMRC as tax is not paid at source. Anyone above the personal savings allowance (PSA) will need to declare their income by self-assessment, or if you earn more than £10,000 in saving and investments income.
5. Digital Platform income (over £1,000
Digital Platform income (over £1,000) now need to be declared and submitted in a self-assessment tax return from January 2024. The new rule applies to selling platforms such as Vinted, eBay, and even rentals on Airbnb. Your online sales data will also automatically be shared with HMRC from this month, for the year 2023/2024.
NOTE: There are also several other potential reasons why you might need to consider submitting your self-assessment tax return, including charity donations and state pension income over £12,750.
Have you registered for self-assessment (5th October 2024)?
If you have never submitted a self-assessment tax return in the past, then you should have ideally registered to do this for this year by the 5th October 2024. This is only a guide and as long as you register before the final deadline of the 31st January 2025, and pay your tax bill then you should be fine.
The main reason for registering as early as possible is to obtain your Unique Taxpayer Reference number (UTR), which can take up to 10 working days to be sent (by post). You should also be able to register online via the HMRC app or through the HMRC website.
Some individuals might also have a UTR number from a previous account or submission, which means that you can proceed to ‘register online with the HMRC’.
Personal Finance Experts for Parents
What is the penalty for missing the deadline?
There are several different deadlines to consider, depending on which type of submission or return you are doing.
- Paper returns: 31st October 2024
- Online returns: 31st January 2025
Each different type of return will apply the same penalties and intertest charges for late payment.
Penalties for failing to complete returns by the deadline
| Time since deadline | Penalty or charge | Notes |
|---|---|---|
| Day One (immediately) | £100 | Even for people with no tax to pay. |
| From 3 months | £10/day | Up to a Maximum amount of £900. |
| From 6 months | 5% of Tax owed or £300 | Whichever is the greater of the two. |
| From 12 months | 5% of Tax owed or £300 | Whichever is the greater of the two. |
The charges quoted in the table above were for the year 2023/2024 and may be subject to change in the future. Also, if you repay your tax on time but you fail to submit your return by the deadline, you will still incur late charges as quoted above.
You can also check your late payment charges online with the HMRC by visiting their late payment calculator.
Will I pay interest if I don’t pay my tax bill?
The deadline of the 31st January 2025 also applies to making your first payment (payment on account) and pay the tax that you owe for the tax year 2023/2024, which is known as your ‘balancing payment’.
If you miss the deadline and fail to make the required tax payment by 11:59pm on Wednesday 31st January, then you will usually be charged interest on the balance at a rate of 7.25% annually. The interest charge starts from the 1st February automatically and will be charged daily at that rate.
Interest charges will also be on top of any late payment fees (above) which means that you could very quickly incur significant costs for failing to make payment.
Personal Finance Experts for Parents
How can I pay my self-assessment to HMRC?
There are several ways to pay your self-assessment tax return to the HMRC, and make sure that you don’t incur any fees or charges. HMRC has recently launched several services to allow you to repay your self-assessment tax return more easily online.
NOTE: It is no longer possible to repay your outstanding tax bill at your local Post Office, which was an option previously.
1. Download the HMRC app
The HMRC app now allows you to access your online HMRC account quickly and easily on your mobile device or tablet. You can also get information about tax, National Insurance, tax credits, and benefits via the app.
You’re on it – Download the HMRC app
This short video highlights the key benefits of the HMRC app, helping individuals and businesses easily manage their taxes and access essential information.
2. Set up a Direct Debit
Set-up Direct Debit online via your HMRC online account to pay a single payment on or before the 31st January 2025, or you can set up a Direct Debit to pay in more than one payment before the deadline.
3. Online Banking
Online Banking on your mobile device or online via your bank account by selecting ‘pay by bank account’ on your HMRC portal. Payments are usually instant via online banking, but they can take up to 2 hours to go through.
4. Debit Card or Corporate Credit Card
Debit Card or Corporate Credit Card payments can be made via your online HMRC account using your Unique Taxpayer Reference (UTR). There is no fee for using this service if you pay by debit card.
NOTE: You cannot make a tax payment using a personal credit card, you can only use a business credit card and fees may apply.
5. Set up a Payment Plan
Set up a Payment Plan to pay weekly or monthly is a relatively new facility that is offered by the HMRC, to allow taxpayers to spread their payments. You can set up a payment plan via your online by selecting ‘Direct Debit’ and then choose Budget Payment Plan.
Personal Finance Experts for Parents
What can I do if I can’t afford to pay?
If there is a problem with being able to repay your tax due to financial difficulties, then you should contact the HMRC as soon as possible. The sooner you contact them the better, you might be able to spread your payments over several months and you might be able to avoid penalties and charges.
There are also other reasons why you night need to or want to contact HMRC, for example, if you don’t agree with the tax bill or if something has happened (e.g. family bereavement, medical emergency, serious incident, etc.).
How can I get help with my self-assessment tax return?
You can speak to one of our team of qualified tax specialists who will be able to advise you about your personal situation and what you need to do. There are also lots of other services out there to help you to find the most up to date information to help you.
HMRC Youtube – CLICK HERE
HMRC Helpsheets – CLICK HERE
HMRC Web Chat – CLICK HERE
![Bank of England Base Rate Held at 3.75% [July 2026]](https://moneypeopleonline.co.uk/wp-content/uploads/2023/03/bank-of-england-fi-50x50.jpg)
