For those who have already filed your self-assessment tax returns, and those who have yet to, please be reminded that 31st January 2025 is also the payment deadline for your 2023/24 tax bill and the first payment on account for 2024/25 (if applicable).
If you do not pay on time, then late payment interest at the Bank of England base rate plus 2.5% will become due immediately – from 6th April 2025 this will be increased to the base rate plus 4%. You may also incur penalties at the rates below (on which interest will also be charged):
| Tax Overdue | Penalty |
|---|---|
| 30 days | 5% of tax overdue |
| 6 months | Further 5% of tax overdue |
| 12 months | Further 5% of tax overdue |
💡 Time To Pay
If you are finding it difficult to pay your bill, it is important to contact HMRC before 31st January and set up a Time To Pay arrangement (if eligible). HMRC will work with you to agree an affordable monthly payment.
For more information on this, please see the HMRC website:
🔗https://www.gov.uk/guidance/find-out-how-to-pay-a-debt-to-hmrc-with-a-time-to-pay-arrangement