Last-minute tax returns: The risks of fines and scams

With the Self Assessment deadline behind us, taxpayers should remain vigilant against late filing penalties and phishing scams.

HM Revenue & Customs (HMRC) has reported a record-breaking number of tax returns submitted before the 31 January deadline, with over 11.5 million people filing on time.

However, for many, this came as a last-minute rush, with nearly 780,000 submissions made on deadline day alone—including 33,000 taxpayers who filed in the final frantic hour between 11 pm and midnight.

The cost of missing the deadline

Despite the high number of timely submissions, 1.1 million taxpayers missed the cut-off and now face automatic fines.

Late filing penalties include:

• £100 fine for missing the deadline
• £10 per day after three months (up to £900)
• 5 per cent of the tax due or £300 (whichever is greater) after six months
• An additional 5 per cent of the tax due or £300 after 12 months

Separate late payment penalties and interest charges will also apply for unpaid tax bills. With HMRC expected to collect at least £110 million in fines, missing the deadline can quickly become costly.

Beware of tax scams

Every year, fraudsters target taxpayers following the 31 January deadline, exploiting those expecting tax refunds or worried about penalties.

Phishing scams have become increasingly sophisticated, making it crucial to spot the warning signs and protect yourself.

Scammers impersonate HMRC through emails, text messages, or phone calls, often:

• Promising tax refunds and asking for personal or bank details
• Demanding immediate payments for unpaid tax bills to avoid legal action
• Asking for HMRC login credentials to “verify” your details
• Providing fake links to HMRC websites designed to steal your information

HMRC will never ask for payment details or personal information via email or text.

If you receive a suspicious message, do not respond, click links, or share your details.

Stay safe and informed

Scammers are becoming more convincing, but by staying alert and following best practices, you can protect yourself from phishing scams.

If you’re ever unsure about a tax-related message, consult our team before taking any action.