HMRC issues late-filing fine warning

HMRC has warned UK households to act quickly to avoid daily penalties for late self-assessment tax returns. Those who missed the January 31 deadline for 2024/25 tax returns face penalties of £10 per day, with the overall penalty capped at £900. After six months, those who have failed to file their return face a further penalty of 5% of the tax due or £300, whichever is greater. An automatic £100 penalty was triggered for missing the initial deadline.