Final week for tax returns in the UK: Who must apply and what are the penalties?

Today marks the final deadline for millions of taxpayers across the United Kingdom to submit their Self Assessment tax returns for the 2024/25 tax year. As the clock ticks down to midnight, HM Revenue and Customs (HMRC) has issued a final call to those who have yet to file, warning of immediate financial penalties for late submissions.

For the Turkish business community and self-employed individuals in boroughs such as Enfield, Hackney, and Haringey, this week is critical for ensuring financial compliance and avoiding unnecessary costs.

Who needs to file?

The requirement to file a tax return goes beyond just the self-employed. You must submit a return if:

• Self-Employed: Your income before any tax relief was more than £1,000.

• Property Income: You earned more than £2,500 from renting out property in the UK.

• High Earners: Your income was over £150,000 (the threshold changed for the most recent tax years).

• Capital Gains: You sold assets like a second home or shares that increased in value.

• Child Benefit: You or your partner earned over £60,000 while receiving Child Benefit (High Income Child Benefit Charge).

The cost of delay

Failing to hit the January 31 deadline triggers an automatic £100 penalty, even if you have no tax to pay or have already paid your tax bill in full.

• Up to 3 months late: A £10 daily penalty may be applied, up to a maximum of £900.

• 6 months late: An additional penalty of 5% of the tax due or £300, whichever is greater.

• 12 months late: Another 5% or £300 penalty.

Interest is also charged on any unpaid tax starting from tomorrow, February 1.

Support for London businesses

Many Turkish-owned shops, restaurants, and startups in Islington and Barnet often seek professional advice during this period. HMRC has noted that if you cannot pay your tax bill in full, you may be able to set up a "Time to Pay" arrangement online, provided your debt is under £30,000 and you file your return on time.

"Filing on time is the most important step," says a London-based financial consultant. "Even if you can't pay the full amount today, submitting the paperwork prevents the most aggressive automatic penalties."

How to file

Taxpayers in Camden, Westminster, and across the capital can submit their returns via the official government website. You will need your Unique Taxpayer Reference (UTR) and your Government Gateway login details.

As the 2026 tax season reaches its peak, local community centers in Waltham Forest are encouraging residents to double-check their records to ensure they don't fall foul of the midnight cutoff.