Consequences of Missing the 31st January Deadline
Failing to meet the deadline doesn’t just mean fines—it can complicate future tax filings. HMRC may apply interest on overdue payments, and persistent non-compliance can lead to escalated enforcement actions. Moreover, delays could harm your relationship with HMRC, potentially impacting how your business is assessed in the future.
Upcoming Changes to Penalties (April 2026)
From April 2026, a points-based penalty system will be introduced for late self-assessment returns and tax payments. Here’s how it will work:
- Missed Deadlines: Each time you miss a submission deadline, you’ll receive one penalty point.
- Thresholds: If your points reach a specific threshold (which varies depending on your filing frequency – annual, quarterly, or monthly), you’ll incur a fixed penalty of £200.
- Subsequent Penalties: After reaching the threshold, every additional late submission will result in another £200 penalty, but your points total will remain unchanged.
Understanding these changes and staying compliant will help you avoid unnecessary penalties. Make sure to submit on time to keep your record clean.
We Make Self Assessments Stress-Free
At Accounting Wise, we’re experts at managing the numbers so you can focus on what matters most. With our skilled team of chartered certified accountants, you can trust us to make your Self Assessment process as smooth and worry-free as possible—just as we’ve done for countless clients over the past year.
Need Further Advice?
At Accounting Wise, we’re always here to support our clients.
- New Clients: If you’re not yet working with us, get in touch on 0330 113 8442 or request a call back today!.
- Existing Clients: Our dedicated team is ready to answer your questions. Contact your account manager.
