Notes for 2024/25 Self Assessment Tax Returns

Time Limits and Penalties

31 July 2025:

• Tax payment – 2nd 2024/25 payment on account due

5 October 2025:

• Deadline to notify HM Revenue and Customs of requirement to submit a Tax Return

31 October 2025:

• Deadline – 2024/25 paper Returns not submitted will incur a £100 penalty

30 December 2025:

• Deadline – 2024/25 online Returns if the liability is to be included in a future PAYE code (Maximum £3,000)

31 January 2026:

• Deadline – 2024/25 online Returns not submitted will incur a £100 penalty

• Tax Payment – 2024/25 balancing payment and 1st 2025/26 payment on account due

2 March 2026:

• Surcharge – Any tax outstanding relating to 2024/25 will incur a 5% surcharge

30 April 2026:

• Penalty – £10 for each following day that the 2024/25 Tax Return is still outstanding up to a maximum of 90 days

31 July 2026:

• Tax payment – 2nd 2025/26 payment on account due

• Surcharge – Further 5% surcharge on any 2024/25 tax unpaid

• Penalty – £300 or 5% of the tax due, whichever is the higher, if the Return is still outstanding

31 January 2027:

• Surcharge – further 5% surcharge on any 2024/25 tax unpaid

• Penalty – £300 or 5% of the tax due, whichever is the higher, if the Return remains outstanding

• In serious cases, you may be asked to pay up to 100% of the tax due instead

Enquiries by HM Revenue & Customs

As previously advised, HMRC have introduced a new risk assessment approach to Tax Enquiries. Those who regularly fail to keep up to date with filling their Returns or payment of personal tax may be considered ‘high risk’. You can increase your chances of avoiding enquiry selection by keeping you tax affairs in good order.

The deadline for HMRC to raise an enquiry into a 2024/25 Tax Return is 12 months from submission. This is extended for any amended or late returns.

Record Keeping

It is a legal requirement that everyone maintains complete records of all items connected to their tax affairs. Business and let property records for 2024/25 should be kept until 31 January 2031. Other tax records for 2024/25 must be retained until at least 31 January 2027. Late filing of the Return will extend these time limits.

High Income Child Benefit Charge

If you or a member of your household received Child Benefit during the tax year AND either of you have income in excess of £60,000 a claw back will be due and this must be reported on the higher earner’s Tax Return. Once your income reaches £80,000, the full benefit will be withdrawn. Please let us know if your household received child benefit.

Student Loan Repayments

Any individual with an income contingent student loan needs to indicate this on their Tax Return so that repayable amounts can be calculated. Employees who have remained in the same employment for the whole year can obtain the amount already deducted from their P60. If this is applicable to you, please let us know when providing your information.

Child and Working Tax Credits

Please note Child and Working Tax Credit claims do not form part of your Tax Return. However, the figures on your Return may affect any claims you have made or will make in the future. If you have any queries or require assistance regarding Tax Credit claims and awards, please contact us.

Payment Protection Insurance

Although the receipt of compensation for mis-sold payment protection insurance is not in itself taxable, the interest you receive on top of this payment is. Please therefore provide a copy of the documentations you received in respect of any payment to enable us to include it on your Tax Return accordingly.