…But there’s still time to put things right

Every January, it happens: the clock strikes midnight, and suddenly people realise they have missed the Self-Assessment submission deadline!

According to a recent report, around one million taxpayers failed to file by the 31 January deadline. Missing this deadline triggers a £100 late-filing penalty, with extra charges occurring if things are left unresolved.

What’s more frustrating is that you can be fined even if you don’t owe any tax at all. HMRC’s system doesn’t care whether your bill is £5 or £50,000; if you miss the deadline, you get penalised.

Millions of people did manage to submit on time, although many left it until the very last day! For those who didn’t quite make it, HMRC’s message is simple: file as soon as possible to stop things escalating. The longer a return sits unfinished, the more expensive and stressful it can become.

Because that initial £100 penalty is only the beginning, after three months, daily penalties can start adding up, and interest may be charged on any unpaid tax. Suddenly, that small oversight can snowball into something far more expensive.

And for us here at ETC Tax, we were ahead of the deadline!

We’re pleased to say we completed all our client returns well ahead of the deadline this year. No midnight panics, no frantic uploads, no “is the website still working?” moments.

That’s exactly what we encourage everyone else to do, too. Getting things wrapped up early means fewer surprises, less pressure, and far more time to focus on other January tasks.

If you’ve missed the deadline this time around, don’t panic, but don’t ignore it either. Acting quickly really does make a difference.

If your tax affairs are anything but straightforward, that’s where ETC Tax come in.  We specialise in complex returns. The tricky ones involving multiple income streams, property portfolios, overseas earnings, investments, cryptocurrency, or anything that makes you stare at HMRC’s forms and sigh deeply. We’re always happy to advise and get matters resolved efficiently.

So, whether you’re playing catch-up this year or promising yourself that next January will be different, we’re here to help make tax feel less taxing.

Next Steps

At ETC Tax we specialise in complex self-assessment tax returns, specifically crypto tax returns, trust and estate tax returns, tax returns on disposal of a business or other assets, non-resident issues, and tax returns for clients with multiple different sources of income and/or significant wealth.

We also conduct tax return reviews to ensure nothing has been missed, both from a risk point of view but also to spot additional opportunities for tax planning.

If you would like to find out more please do get in touch.