Self-Assessment Tax Payment Deadline: Everything You Need to Know Before 31 January 2025
Chrissy Leach • 20 January 2025
Don’t forget that the tax payment deadline for the 2023/24 tax year is 31 January 2025!
Whether your tax return has been filed already or not, if you have a tax liability for the 2023/24 tax year, the payment is due by 31 January 2025.
If you pay payments on account, your first payment for the 2024/25 tax year will also be due by 31 January 2025. This is relevant if your 2023/24 tax liability was over £1,000 and you don’t have 80% of your tax paid via payroll.
What Happens if You Miss the Deadline?
If you miss the 31 January 2025 deadline, it can be costly.
HMRC will charge interest (the current rate is 7.25%) until the liability is paid.
If you have any tax still owing after 30 days (2 March 2025) then there is also a penalty charged at 5% of the tax due.
Another 5% penalty is charged after 6 months and another 5% after 12 months for any tax still owing.
What Should I Do?
We would recommend logging into your self-assessment account to check whether your tax return is filed and if you owe any tax.
If you don’t have a self-assessment account set up yet, you can create one on the HMRC website.
If you have an accountant, they’re likely to have contacted you if you have a payment to make but you can also check with them.
What If I Can’t Afford My Tax?
If you have tax to pay but can’t afford it then it’s worth setting up a Time to pay agreement with HMRC as soon as possible, ideally before the payment deadline. You can do this by searching HMRC time to pay on the internet (make sure you’re on the official gov.uk website).
This suspends the late payment penalties as long as you keep up with the agreed payments. Interest will still be payable.
Why Work with CJL Accountancy?
Tax can be complex, especially if you’re juggling multiple income streams or navigating HMRC’s ever-changing rules. At CJL Accountancy, we specialise in helping influencers, landlords, and small businesses maximise their tax efficiency.
We encourage early tax return preparation and in year calculations where relevant so that you have time to plan for your tax payments.
We will advise on the costs you can claim to ensure that you don’t pay more tax than necessary.
Act Now: Don’t Wait Until the Last Minute
With less than two weeks to go, make sure you know if you have a tax payment to make.
Let CJL Accountancy take the stress out of your tax return. We’re not guaranteeing 2023/24 tax returns at this late stage but contact us if you’d like help with your 2024/25 tax return. Getting an accountant in place early will mean there’s plenty of planning time to maximise allowances, reduce your tax and plan for payments.
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