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732,498 Tax Returns Filed on Deadline Day: Don’t Be One of Them

Every year, 31 January marks a frantic scramble for millions of UK taxpayers as they rush to submit their Self Assessment tax returns before the deadline. And while many do plan ahead, HMRC’s latest data from the 2023–24 tax year shows that a staggering 732,498 Self Assessment returns were filed on deadline day alone.

Let that sink in.

That’s nearly three-quarters of a million people hitting “submit” on their returns at the very last minute — and 31,442 of those left it so late, they filed in the final hour before midnight.

This isn’t just a quirky statistic. It’s a warning sign.

In this blog post, we’ll explore:

  • Why so many taxpayers leave it late
  • The real risks of filing on or after the deadline
  • Why getting it sorted early is better for your finances and your sanity
  • How Merranti Accounting can help you stay ahead of the game

Last-Minute Madness: Why Do So Many File on 31 January?

There are a few common reasons people put off filing:

  • Procrastination: It’s easy to think, “I’ve got plenty of time,” until suddenly — you don’t.
  • Fear of the unknown: If you’re unsure about how much tax you’ll owe or how to file correctly, it’s tempting to delay.
  • Lack of organisation: Paperwork, invoices, receipts — many people struggle to gather everything in time.
  • Overconfidence: Some believe that completing a return is simple, only to realise (too late) that it’s more complex than they thought.

But whatever the reason, delaying your tax return submission can lead to stress, costly mistakes, and in many cases, financial penalties.

What Happens If You File Late?

Filing late can be more than just an inconvenience. HMRC imposes strict penalties for missing the 31 January deadline:

Immediate £100 Penalty

Even if you don’t owe any tax or are due a refund, filing late triggers a £100 fixed fine the moment the clock strikes midnight on 31 January.

Ongoing Daily Penalties

If your return is more than 3 months late, HMRC may begin charging £10 per day, up to 90 days — that’s an additional £900.

Further Penalties for Longer Delays

  • 6 months late: An extra charge of 5% of the tax due or £300 (whichever is higher)
  • 12 months late: Another 5% or £300 (again, whichever is higher)

For those who leave it even longer, the total fines can easily reach over £1,600, not including interest on unpaid tax.

In short: filing late is expensive.

The Real Cost of Rushing Your Tax Return

Even if you do submit your return just before the deadline and avoid penalties, that last-minute panic can still cost you:

  • Missed expenses: Rushing means you’re more likely to forget legitimate tax-deductible expenses.
  • Errors: Mistakes in your return can lead to HMRC enquiries or under/overpaid tax.
  • Cash flow pressure: Waiting until the deadline means your tax bill is due immediately. You miss the opportunity to plan or budget ahead.

And let’s be honest — staying up until midnight on 31 January to hit “submit” is probably not how you want to spend your evening.

Benefits of Filing Early

Filing early doesn’t mean paying early. Your payment deadline remains 31 January, no matter when you submit your return.

But getting your return done ahead of time gives you several advantages:

Time to budget

If you owe tax, you’ll know how much and have more time to plan for it.

Faster refunds

If you’ve overpaid tax, filing early means you’ll get your refund sooner.

Avoid stress

Say goodbye to the January panic. No more chasing paperwork or sitting in long HMRC phone queues.

Better accuracy

You can take your time to ensure your figures are right and seek advice where needed.

Why Merranti Accounting Clients Avoid the Rush

At Merranti Accounting, our clients benefit from:

  • Proactive reminders throughout the year
  • A dedicated accountant to guide you through the process
  • Help with expense tracking and record-keeping
  • Year-round support so nothing is left to the last minute

We make tax season stress-free — not just in January, but all year round.

Planning Ahead: What You Can Do Now

Even if the next deadline seems far away, it’s never too early to take control of your tax position. Here’s how:

  1. Start collecting documents now: Invoices, bank statements, business expenses — don’t wait until the new year.

  2. Speak to your accountant: Discuss any big changes in income, property sales, investments, or allowable deductions.

  3. Use accounting software or a simple tracking system: This keeps your finances tidy and makes tax return season easier.

  4. Book your tax review with Merranti: We’ll make sure everything is in place for a smooth and early submission.

Conclusion: Don’t Be One of the 732,498

HMRC’s data shows just how many people leave their tax returns to the very last moment — and how risky that can be.

Whether you’re self-employed, a landlord, a company director, or someone with additional income that HMRC doesn’t tax at source, filing early gives you peace of mind, clarity, and control.

At Merranti Accounting, we believe tax shouldn’t be stressful. Let us help you get ahead — not caught out.

Need Help with Your Self Assessment Return?

If you want to:

  • File your return early
  • Maximise your deductions
  • Avoid penalties and stress

Then get in touch with Merranti Accounting today. We’ll take the pressure off your shoulders and help you meet the next deadline with confidence.

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