Overdue Self-Assessment Liabilities

The 23/24 Self-Assessment deadline for filing and payment of tax was 31^st January 2025. HM Revenue & Customs usually notify tax-payers of the liability due but it is the tax-payer’s responsibility to ensure this is paid on time.

Interest charges

Unpaid self-assessment tax liabilities during February 2025 will accrue interest daily, HM Revenue & Custom’s late payment interest rate is 7.25% and will be cut to 7% from 25^th February 2025.

Surcharges

From March, the outstanding liability will attract a surcharge of 5% and interest will continue to accrue.

The next surcharge will be applied if the liability remains unpaid after 6 months of the deadline. A further surcharge is applied if the liability remains unpaid after 12 months of the deadline.

Assistance

To avoid further interest charges and penalties, it is advisable that payments are made to HM Revenue & Customs as soon as possible.

Depending on the tax-payer’s circumstances, it may be possible to arrange a payment plan with HM Revenue & Customs by calling them on 0300 200 3835 and providing the UTR and National Insurance number. Tax geared penalties will not be charged if a payment plan is in place. See further details here: https://www.gov.uk/difficulties-paying-hmrc/pay-in-instalments

If you have received a letter from HM Revenue & Customs regarding your liability and require assistance then please contact your local Perrys branch.