Overview
- Roughly one million taxpayers who missed the 31 January deadline remain at risk of automatic penalties, according to HMRC figures.
- A 5% surcharge will apply to unpaid 2024/25 self-assessment tax from 3 March, which is 30 days after the payment deadline.
- Interest on overdue amounts has been accruing since 1 February at an annualised rate of 7.75%.
- Additional 5% surcharges can be added if tax stays unpaid at six and twelve months, alongside separate late-filing fines starting with a £100 penalty and daily £10 charges after three months.
- Advisers recommend setting up a Time to Pay instalment plan or disputing any incorrect penalties; a £2,000 bill settled on 1 April would incur about £125 in extra costs.