Have you submitted your Self Assessment? And the date is set for the Spring Forecast
Today we are reminding our readers of the fast approaching deadline to submit Self Assessments – avoid submitting late in order to avoid a penalty. Plus, the OBR is set to publish its Spring Forecast on 3rd March and the DWP has confirmed that all key auto-enrolment pension thresholds will remain unchanged for 2026/27.
Self Assessment: January Deadline Fast Approaching
HM Revenue & Customs (HMRC) reports that more than 6.36 million people have already submitted their Self Assessment tax return for the 2024/25 tax year. However, they say around 5.65 million taxpayers still need to file, with the statutory deadline of 31 January 2026 now close.
While filing remains possible right up to the deadline, leaving matters late can limit your options if you suddenly find information is missing or if the amount of tax you need to pay is more than you expected.
Filing and payment are separate steps
It is worth being aware that submitting your tax return does not mean that you must immediately pay any tax due.
Tax due for 2024/25 must be paid by 31 January; however your return can be filed at any time before that date. This allows you to confirm the amount you owe and gives you time to arrange payment.
Penalties for late filing and late payment
There are automatic penalties that HMRC will charge if the return is not filed by the 31 January deadline.
- An initial £100 late filing penalty is charged even if you do not owe any tax.
- If the return has still not been filed after another three months, daily penalties of £10 per day (up to £900) can be charged.
- After six months, a further penalty of £300 or 5% of the tax due is charged.
- After 12 months, another £300 or 5% is charged.
Penalties are also charged for late payment of tax. Five per cent of the unpaid tax is charged at 30 days, six months and 12 months after the deadline, alongside interest on the overdue amount.
If you have not yet filed your return and would like help, please get in touch as soon as possible to make sure you do not miss the deadline.
See: https://www.gov.uk/government/news/565-million-still-to-file-as-the-self-assessment-deadline-looms
Spring Forecast Scheduled for 3 March 2026
The Chancellor, Rachel Reeves, has requested the Office for Budget Responsibility (OBR) to publish an economic and fiscal forecast on 3 March 2026. This will be accompanied by a statement to Parliament.
As set out in the Budget, the Spring forecast will provide an interim update on the economy and public finances, rather than assessing the government’s performance against the fiscal mandate.
This means the forecast is unlikely to result in changes to tax policy, however, the full details will only be completely clear once the forecast is published and the Chancellor has responded. We will, of course, keep you updated once the forecast is published.
See: https://www.gov.uk/government/news/chancellor-announces-date-of-spring-forecast
Auto-Enrolment Pension Thresholds to Stay the Same in 2026/27
The Department of Work and Pensions (DWP) has confirmed that all key auto-enrolment pension thresholds will remain unchanged for 2026/27.
This means:
- The auto-enrolment earnings trigger stays at £10,000 – the annual pay above which employees must be automatically enrolled.
- The lower earnings limit remains at £6,240.
- The upper earnings limit remains at £50,270.
These thresholds determine which employees are eligible for automatic enrolment and the portion of earnings in respect of which contributions need to be made.
Employees who earn less than the earnings trigger can still opt in to their employer’s workplace pension. It’s important to remember that if they earn between the lower earnings limit and enrol, the earnings trigger a mandatory employer contribution.
With thresholds unchanged, this should mean there is no need to adjust your payroll systems or processes in the coming year.
If you would like support with your payroll system and auto-enrolment, please give us a call. We would be happy to help you!