
Missed the Tax Deadline?

Naylor Accountancy Services' expert tips to recover from a self-assessment tax deadline.

Author
The News Team
11 Feb 2025
As the self-assessment tax return deadline of January 31st approached, many taxpayers found themselves in a rush to meet it. According to His Majesty’s Revenue and Customs (HMRC), 1.1 million people missed the tax return deadline in 2025. With the interest rate on late payments set to rise to approximately 9% from April 6, 2025, timely submissions are more crucial than ever.
Missed deadlines can lead to significant financial penalties and increased interest rates. Changes of address, system failures, and medical emergencies can lead to missed deadlines. Naylor Accountancy Services is here to help you navigate these challenges and ensure you meet your deadlines on time.
Naylor Accountancy Services offers expert guidance and support. This helps you avoid missed deadlines and the financial troubles that come with them. We help you stay on track with your tax obligations. We do this through efficient record-keeping, timely reminders, and personalised assistance.
The Importance of Meeting Self-Assessment Deadlines
Missing the self-assessment deadline can lead to several penalties:
Initial Penalty: £100 for missing the deadline, regardless of whether tax is owed.
Additional Penalties: £10 per day after three months (up to £900), 5% of the tax owed or £300 (whichever is greater) after six months, and another 5% or £300 after twelve months.
Interest on Unpaid Tax: Further penalties include interest on the amount owed, plus 5% of that amount at 30 days, six months, and twelve months past the deadline.
What to Do If You Missed the Deadline
If you missed the January 31st deadline, don’t panic. Here are the steps you should take:
File your tax return ASAP: The sooner you file, the lower your penalties will be.
Contact HMRC: Explain your situation. In some cases, HMRC may waive penalties if there are extenuating circumstances.
Organise Your Records: Ensure all your financial records are in order, to avoid further delays.
Tips to Recover from Missed Deadlines
Stay calm and act quickly: Panicking won’t help. Focus on getting your tax return filed as soon as possible to minimise penalties.
Gather your documents: Collect all necessary documents, such as income records, expense receipts, and any other relevant financial information.
Seek Professional Help: An accountant can provide valuable assistance in organising your records and filing your return accurately.
Set Up Reminders: Use calendar alerts or reminders to ensure you do not miss future deadlines.
How Naylor Accountancy Services Can Assist
Proactive Financial Planning: Naylor Accountancy Services helps clients with detailed financial planning and forecasting, ensuring you understand your tax liabilities well in advance. This proactive approach helps prevent last-minute surprises and ensures you have got the funds set aside to meet your tax obligations.
Efficient Record-Keeping: One of the main reasons for missed deadlines is inconsistent record-keeping. Naylor Accountancy Services encourages the use of cloud-based accounting software like Xero, QuickBooks, or Sage. These tools reduce human error and provide real-time updates, making it easier to keep track of your finances.
Tax Planning and Compliance: Navigating tax regulations can be complex and time-consuming. Naylor Accountancy Services offers comprehensive tax planning and compliance services, ensuring you meet all your tax obligations on time and take advantage of any available tax reliefs.
Income Management: Monitoring your income and expenses is essential for accurate self-assessment. Naylor Accountancy offers expert guidance to ensure you meet the self-assessment deadline, thereby minimising the risk of any complications during the preparation process.
Financial Reporting and Analysis: Consistent financial reporting and analysis offer valuable insights into your self-assessment requirements. Naylor Accountancy Services produces comprehensive reports that enable you to identify potential issues early and take corrective action, thereby preventing missed deadlines.
Conclusion
Meeting the self-assessment tax return deadline isn’t just to avoid penalties. It's also about building financial discipline and earning trust with stakeholders. Naylor Accountancy Services is here to help, whether you need support for personal accounts or big companies.
Contact us today to learn more about how our services can benefit you.