With less than a month before the self-assessment deadline on 31 January 2025, a significant number of taxpayers are still yet to file their tax returns for the 2023/24 tax year.

Taxpayers who fail to file their returns by the deadline will face an initial late filing penalty of £100, even if no tax is due. Further delays can result in more severe penalties, while unpaid bills will incur late-payment interest.

For those taxpayers who are struggling to pay their tax bills, HMRC offers support and advice for those unable to pay their tax bill on time. Some customers may be able to set up a Time to Pay’ arrangement. This is basically an affordable payment plan that allows taxpayers to pay their bills in installments, therefore easing some of the financial pressure.

If you need any help filing your tax return, then don’t delay, contact our expert tax team at Finexus who will be able to help.