A quick look at our calender tells us that we're halfway through January, and with it comes a reality check for anyone who still needs to file a self-assessment tax return. Is that you? We know tax returns aren’t your favourite thing to talk about, but hear us out, because missing this deadline can have consequences – and serious ones at that.

Why is 31 January so crucial?

The self-assessment deadline isn’t just a suggestion; it’s the law. By this date, you need to file your return and pay any tax due for the previous tax year. HMRC isn’t known for its leniency, and missing this date means you could face:

1. An immediate £100 penalty. That’s just for being late, even if you owe nothing in tax.
   
   
2. Daily penalties. If your return is over three months late, HMRC can charge £10 per day, up to £900.
   
   
3. Interest and surcharges. Unpaid tax starts to rack up interest from 1 February, and if you’re still behind after 30 days, there’s an extra 5% surcharge on what you owe.
   
   
4. More serious consequences. If things really get out of hand, HMRC could take enforcement action. No one wants a court summons or debt collectors knocking on their door.

But it’s more than just penalties

Leaving your tax return to the last minute can also create unnecessary stress. Scrambling to find receipts, invoices, or key information when the clock’s ticking isn’t the best way to start your year. Plus, if you’re not careful, rushing could lead to mistakes on your return. Errors might mean paying more tax than you need to – or triggering a closer look from HMRC.

How we can help

The good news? You don’t have to tackle this alone. At Navigate, we’ve helped countless clients sort their self-assessments, and we know how to make the process as painless as possible. But time is of the essence. We’re in the final countdown to 31 January, and we don’t want you to miss out on our help because the clock ran out. If you’ve not yet sent us your details, now’s the time. The sooner we get started, the smoother the process will be for everyone.

A friendly nudge…

We know life gets busy. Maybe you’ve been meaning to sort your self-assessment but kept putting it off. That’s okay – but let this be the sign you’ve been waiting for! Pop us an email or give us a ring on 01709 589 439 today. We’ll get everything sorted and leave you with one less thing to worry about.