HM Revenue and Customs (HMRC) is reminding taxpayers that the 31 January 2025 deadline for submitting 2024-25 Self-Assessment Tax Returns is fast approaching.
Already, over 3.5 million tax returns for 2024/25 have been filed, but HMRC expects more than 12 million to be submitted by the end of January 2025. To avoid a last-minute rush, HMRC is encouraging individuals to file their tax returns as early as possible.
Submitting your 2024/25 tax return early has several benefits, including reducing stress, knowing your tax bill well in advance, and having time to budget for it. This is especially important given that HMRC is currently charging 7.5% interest on late payments, a rate that will rise to 8.75% after 6 April 2025.
If you haven’t yet provided us with your 2024/25 tax information, now is a good time to gather your documents and send them our way.
