TTF Tackles the Money Monster Under Your Bed: What Will Happen When I Miss the Deadline for Self-Assessment?
What are the consequences of late filing?
HMRCTAX COMPLIANCEEMPLOYMENT
The Tax Faculty
1/31/20254 min read


"This year has been an absolute whirlwind for me, both personally and professionally. Between juggling unexpected family responsibilities and a career transition that’s been more demanding than I imagined, the self-assessment deadline has crept up far too quickly. I’ll admit I've never really been diligent about filing my own taxes — my accountant used to handle everything like clockwork so I never had to worry about it. But since they retired last year, I’ve been in limbo, meaning to find someone new but never quite managing to. Now, here I am, deadline day, with my records scattered across emails, shoeboxes, and who-knows-where else.
I know I’m not in a position to file correctly, and frankly, it’s keeping me up at night. What happens if I miss the deadline? I’ve heard about penalties, interest, and HMRC tightening the rules on late payments, but I have no idea how severe it gets or how to manage it. I feel guilty because I’m not trying to avoid my responsibilities—I just feel overwhelmed by the sheer chaos of this year. There’s a part of me that’s resigned to missing it, but the anxiety lingers. How long will it take to get everything in order? Will HMRC even be sympathetic to my situation, or will I be hit with fines and interest on top of everything else?
If nothing else, this is a hard lesson learned: I need help. I can’t afford to keep pushing this off. Maybe I’ll find someone who can guide me through the fallout and help me ensure this doesn’t happen again. But for now, all I can do is brace myself for the consequences and try to get my act together as quickly as possible."


Missing the self-assessment tax deadline can feel overwhelming, but it’s important to know that all is not lost, and there are clear steps you can take to manage the situation.
As of 2025, if you fail to file your self-assessment tax return by 31 January, HMRC will impose an immediate £100 late filing penalty, even if you don’t owe any tax. Beyond three months, additional penalties of £10 per day (up to £900) can apply, and after six months, further penalties of 5% of the tax owed (or £300, whichever is greater) will kick in. On top of these charges, late payment of any tax owed will attract interest, calculated at the Bank Rate plus 2.5%, which has already been criticised as excessive by many. However, HMRC does allow you to appeal penalties in cases of “reasonable excuse,” so if personal or professional chaos has genuinely derailed you, it’s definitely worth exploring this option.
Despite the penalties, it’s crucial to remember that HMRC values compliance, even if it’s late. Filing your return as soon as possible after the deadline will minimise additional penalties and interest. More importantly, you can avoid unnecessary stress by seeking professional guidance. if you feel that you can't or don't want to tackle filing yourself then it really is time to replace your accountant! Tax professionals can help you pull together the necessary records, advise on how to deal with HMRC, and ensure you’re compliant going forward. You’re not alone—many taxpayers face challenging years that make filing on time difficult, but the key is addressing it proactively rather than leaving it unresolved.
While you may feel resigned to missing this year’s deadline, you’re absolutely right in recognising the importance of planning for the future. Working with a tax professional now can help you handle this year’s return as quickly and accurately as possible while putting the proper processes in place to avoid missing deadlines in the future. At The Tax Faculty, we can guide you through this year’s challenges and provide the expertise you need to move forward with confidence. Don’t wait — get in touch for a free consultation and take the first step towards getting your tax affairs back on track.
Capital Gains Tax Expertise: The Tax Faculty LLP Managing Partner Charles Tateson Named UK Capital Gains Tax Advisor of the Year 2023
The Finance Monthly Taxation Awards recognises the achievements of tax professionals from around the globe.
Winning such an award is no small feat. It is a reflection of hard work, extensive knowledge, and an ability to navigate the intricacies of the UK tax system.
Read more about Charles and the award here.














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